Paytm on Monday said its digital money transfer service Paytm Payouts has helped process Rs 1,500 crore in salaries and other benefits for medium and large enterprises in the country within the three months of lockdown.
During the lockdown, over 5,000 companies have used Paytm Payouts to pay salaries and food allowances to employees, incentives and rewards to housekeeping, labourers and other contractual staff, the company said in a statement.
Paytm Payouts offers APIs or Paytm for Business Dashboard to make bulk payments to bank accounts, UPI addresses and Paytm Wallets instantly.
“Paytm Payouts is a unique product that minimizes their tasks of tracking and reconciliation of different payments. Now, they can manage all payments from the unified platform for all payouts,” said Narendra Yadav, Vice President, Paytm.
“We are expecting 100% growth, both in the number of transactions & volume by the end of this fiscal year,” he added.
Companies like Pidilite Industries, Schneider Electric and Havmor Icecreams Pvt Ltd use Oaytm Payouts to transfer money to their employees, vendors and business partners.
Driven by a powerful API that can be integrated with any platform, the service eliminates the need for corporates to invest time and resources to build their own platform.
“For Schneider Electric, our electrician community is our valuable last mile connect to our customers. It was an honour to ease their situation by facilitating immediate digital cash transfers to 10,000 members of the community, through Paytm,” said Srinivas Shanbhogue, VP, Retail Business, Schneider Electric.