Paytm, a platform for digital transactions, based out of Noida, has launched ‘Bulk Payments‘ to make transactions easier for its merchant partners, businesses and companies through its payment gateway.
While, the company says that the secure API bulk payments solution has been developed with a view to making business payment processes easier. The company also said it aims to process over a billion dollars in disbursements in FY 2020.
“We have introduced ‘Bulk Payments’ which is a revolutionary product that enables businesses to automate and centralize these payments, thereby moving from an operationally complex and fragmented method to an efficient and digital way of managing their business finances,” the company stated.
Paytm was founded in 2010 by Vijay Shekhar Sharma with an aim to bring an ease in the digital payments ecosystem across India.
Besides a dashboard for business to manage the payments, the newly launched feature of the payments service, has modules such as beneficiary management, name validation service, bulk disbursement among others.
Adding on, Puneet Jain, vice president, Paytm Payment Gateway said that B2B and B2C businesses can process payments such as salaries, reimbursements, incentives, instant refunds, prize money for winning games, vendor payouts and meal allowances.
Paytm has tied up with non-banking financial company (NBFC) Clix Finance to enable digital loans for both its customers and merchants. Paytm will offer loans to SMBs, individuals and merchants in the mode of deferred payment or postpaid and merchant lines facilities.
Also read: Paytm join hands with Cllix Finance to offer instant, short term loans to SMEs
Furthermore, the company is looking to partner with over 20 Mn retail kirana stores, enabling them to accept all digital payments options UPI, Paytm Wallet and debit or credit cards.
Conclusively, Paytm says it would invest in lending and insurance, rather than on P2P payments, in addition to boosting the Paytm cashback platform for offline use.
The company also claimed to have processed over 5 billion transactions in 2018-19, with 12 million merchant partners accepting payments through Paytm QR.
Some of the prominent players in the Indian fintech market include Faircent, LenDenClub, IndiaMoneyMart, Monexo, LoanBaba, CapZest, and i2iFunding.