Indian digital payments firm Paytm has unveiled a new capability that will enable its merchant partners to transfer funds to several bank accounts, all at once.
The aim of the Bulk Payments option is to simplify payments processing for those who have to pay vendors, staff, and customers, regularly in bulk.
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It offers modules including beneficiary management, validation services, and bulk disbursement.
Paytm will offer a payment gateway dashboard to manage payments.
For the financial year 2019-20, Paytm intends to process $1bn worth of disbursements.
Paytm Payment Gateway vice president Puneet Jain said: “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.
“This feature enables businesses to automate and centralise these payments moving from an operationally complex and fragmented method to a digital way of managing businesses.”
Paytm has been ramping up its capabilities in recent times.
This June, the firm launched an artificial intelligence (AI)-based router engine designed to support merchants in streamlining their payment success rates.
Last year, the firm introduced a smartphone payment settlement service in Japan called PayPay as well as an AI Cloud computing platform for developers, startups, and enterprises.
