Fintech company Paytm has introduced ‘Payout Links’ for businesses with an aim to quick process payouts to customers, employees and vendors without collecting their bank details.
Payout Links provide smooth payment combination for businesses to instantly send incentives and refunds to customers through a simple payout link, said the company statement.
The move will remove the requirement of storing the bank details of the customers, which actually was of use to gaming, e-commerce, retail, export and manufacturing.
Now the focus of the company will be to transfer salaries, vendor payments, commissions and gratification in minutes.
All a sender has to do is Paytm Payout Links and share with the receiver. Once the receiver opens the link, he is given a list of saved accounts such as Paytm Wallet, Paytm UPI and connected bank accounts that can be selected to get money quickly.
Paytm Payout Links – the innovative initiative under Paytm Payout – also allows the receiver to have a control over which account they want to receive the funds in, and also keep their bank details private and secured.
By Sahana Iyer
