PayU has introduced Payouts from Payins feature that will help merchants in receiving payins (settlements and payments) directly into virtual accounts created by PayU, eliminating the need for constant recharging.
This will help in enhancing its flexible fund source management and beneficiary management capabilities with its enhanced Payouts product suite.
From pay-ins received in the accounts, merchants will be able to handle bulk disbursals to vendors, partners, employees and customers directly, streamlining operations. Merchants have the flexibility of selecting the payout option which suits them best, including connected banking, a feature which allows merchants to use PayU APIs and dashboard to make secure payouts from their existing bank accounts.
Commenting on the new offering, Manas Mishra, Chief Product Officer, PayU India said, “At PayU, we constantly strive to address the pain points of our customers by providing innovative digital payment solutions. Our merchants, who do bulk outward payments to their consumers, vendors or employees, end up spending a lot of manual effort and resource behind these tasks. So solving for the payout experience has become as critical as solving for the collection of payments experience, where PayU is already the industry leader. With flexible fund source and beneficiary management features, merchants can scale up their financial operations exponentially and bring in more efficiency.”