Paytm has launched bulk payment capabilities that allow its merchant partners to send payments to multiple bank accounts in one go, as the business owned by One97 focuses on catering to vendors.
Paytm’s new services allow dealers to manage beneficiaries and
pay multiple accounts at the same time, the payments business and e-commerce platform owner said in a statement.
The business will create a new dashboard for its gateway that allows merchants to transfer money, payments interfaces, bank accounts and wallets among other facilities.
“There is a large number of regular payments made by businesses (both B2B and B2C) such as salaries, reimbursements, incentives, instant refunds, prize money for winning games, vendor payments, meal benefits and others,” said Puneet Jain, Paytm Payment Gateway’s vice president.
With this, the company aims to simplify payment process for players who make bulk payments on a regular basis to its vendors, employees, customers, and partners. For the financial year 2019-20, Paytm is aiming to process disbursements worth $1 billion, said a release.