Indian fintech giant Paytm announced today that its Payout service now enables businesses to make bulk and instant money transfers to employees, vendors, partners, etc via a newly-launched 24×7 real-time gross settlement (RTGS) facility to support companies make high-value transactions seamlessly. Paytm said that the launch comes after the RBI made an announcement to make RTGS a 24×7 service. Paytm said that its Paytm Payouts APIs and Paytm for Business Dashboard can be used to make bulk payments to Bank Accounts, UPI addresses, and Paytm wallets instantly.
The service, Paytm said is especially beneficial for Small and Medium Enterprises and large enterprises who use the company’s services to adopt an automated payment mechanism that saves time and resources. The move from RBI to allow 24×7 RTGS facility will further support commerce in the country and enhance the ease of doing business. With the launch of this facility, Paytm Payout is currently the only service provider that offers round the clock money transfers via Paytm Wallet, UPI, IMPS, NEFT, and RTGS. Paytm said that with 24×7 RTGS facility, companies will now be able to manage cash flows more efficiently.
RTGS has a minimum transfer limit of Rs 2 lakh, and there is no upper limit, helping businesses or individuals make high-value transactions. Paytm Payout’s RTGS facility enables businesses to reduce their working capital requirement as it allows the transfer of salaries to employees even on the last day of the month, even if it is a holiday or a Sunday. The company also said that its RTGS service also helps businesses in servicing their clients better as companies can now fulfil payment requests post-market hours.