India-based e-wallet company, PayTM said, “Its Paytm Payouts has transferred over Rs 1,500 crore in salaries and other benefits for medium and large enterprises.”
Launched this year, Paytm Payouts is a digital money transfer service that offers APIs or Paytm for Business Dashboard to make payments to bank accounts, UPI, and Paytm Wallets.
In a statement issued, Paytm said, “During this ongoing lockdown, over 5,000 companies have used Paytm Payouts to pay salaries and food allowances to employees, incentives and rewards to housekeepers, laborers and other contractual staff and even for expenses like utility bills of their offices.”
“Payment Payouts has transferred over Rs 1,500 crore either to the Payment wallet, Food wallet, Gift voucher, or bank account of millions of beneficiaries during the lockdown,” the statement added.
Speaking on the development, Narendra Yadav, Vice President – Paytm said, “During the ongoing lockdown, we have witnessed that more organizations are relying on digital money transfers to pay salaries and other benefits to their employees, vendors, and business partners. Paytm Payouts is a unique product that minimizes their tasks of tracking and reconciliation of different payments.”