Paytm has announced that its Payout service that enables businesses on the digital finance platform to make multiple instant money transfers to employees, vendors, and partners has crossed Rs 100 crore worth of transactions in corporate gifting. The company today announced that the corporate gifting using Paytm's Gift Wallet Card and 24-Karat Digital Gold has crossed Rs 100 crores in yearly Gross Merchandise Value (GMV). Paytm said that the growth comes as companies are adopting the offerings by Paytm Payouts with the ongoing pandemic as a safe, efficient, and cost effective way to spread the festive cheer.
Paytm's Payouts range of digital gifting options enables companies to skip the process of zeroing on options, asking for competitive quotations, selecting gifts, increases efficiency, and reduces cost. The Paytm Payout Gift Wallet card, according to Paytm, remains popular among employees and vendors for its ease of gifting and range of options. Paytm also offers tax saving gift allowance to employees up to a sum of Rs 5,000 every financial year. "We aim to transform the way corporates, businesses, MSMEs share festivities and greetings with their employees, vendors, partners. Paytm Payout Gift Wallet Cards, Digital Gold is an extremely simple, convenient, and seamless option to spread the festive cheer. It saves companies time, the logistical cost of buying, storing, distributing gifts and gives people the option to spend it on whatever they want. It is also extremely easy to use as customers can directly pay at millions of shops and online partners using the same Paytm mobile application," a Paytm spokesperson said.
Paytm's Payouts service is driven by a powerful API that can be integrated with any platform, thereby eliminating the need for corporates to invest time and resources to build their own platform. It allows bulk payments to be made to Bank Accounts, UPI addresses, Paytm Wallets, Gift Vouchers, and other employee benefits like Food Allowance instantly. In addition, companies and their finance department can manage their receivables and payables including utility payments, rent payments, vendor invoices, employee reimbursements, collections using this product. The service is also claimed offer the highest transaction success rate in the industry.