No waiting for next day! Paytm launches same-day bank settlement for businesses - All you need to know
Paytm says this will help business partners to settle money transfers anytime in their bank account on the same day of receiving payment, without waiting for the next day.
Paytm has announced that it has launched the same-day settlement facility for all kinds of fund transfers on its payment gateway. Paytm says this will help business partners to settle money transfers anytime in their bank account on the same day of receiving payment, without waiting for the next day.
Paytm’s new same-day settlement feature is expected to help businesses that depend upon immediate availability of funds to pay down-stream partners. This includes e-commerce companies, government institutions, and all businesses involving inventories, especially those involved in day to day trading who depend heavily on cash procurements.
How to avail this facility?
- The feature can be accessed from Paytm Merchant Dashboard or Paytm for Business app.
- The minimum amount that can be transferred is Rs 50, and the maximum amount is Rs 2 lakhs in a single transfer request.
- The merchants can define frequencies and the funds will transfer automatically. Frequencies can be once a day, twice a day or even three times a day.
Commenting on the development, Saloni Malhotra, Vice President - Paytm said, “The launch of same-day settlement facility is in line with our aim of strengthening the Digital India mission by making high-frequency & high-value business transactions completely cash-less. This facility will strengthen businesses that are dependent on daily cash requirements. The feature is especially useful in this post lockdown period when businesses are getting ready for the upcoming festive season. Every single day reduced from their working capital cycle is a big relief for them.”
She further added, “We will continue to launch innovative features that make digital transactions more convenient & efficient for our merchant partners compared to cash transactions. We will soon introduce merchant-facing APIs for triggering on-demand settlements and checking outstanding payable amounts.”
According to RedSeer Consulting, a Bangalore based consulting and research firm, which recently launched the report titled “Indian Mobile Payments - 5x growth by 2025”, the Payment gateway aggregator market in India currently stands at INR 9.5 Tn & is expected to grow by 2.4x driven by large value transactions. It is expected to grow at a CAGR of 19% in the next 5 years to reach INR 22.6 Tn by FY 25.
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