Indian firms process Rs 1,500 crore in salaries, benefits via Paytm Payouts

Fintech major Paytm on Sunday said Paytm Payouts has processed over Rs 1,500 crore in salaries and other benefits for medium and large enterprises. Paytm Payouts is a digital money transfer service for businesses to help them make payments to their employees, vendors and business partners.

"During this ongoing lockdown, over 5,000 companies have used Paytm Payouts to pay salaries and food allowances to employees, incentives and rewards to housekeeping, labourers and other contractual staff, and even for expenses like utility bills of their offices," Paytm said in a statement.

Launched this year, Paytm Payouts offers APIs (needed to make apps) or Paytm for Business Dashboard to make bulk payments to bank accounts, UPI addresses, and Paytm Wallets instantly.

"Within 3 months of lockdown, Paytm Payouts has transferred over Rs 1,500 crore either to the Paytm wallet, food wallet, gift voucher, or bank account of millions of beneficiaries," the statement said.

Companies like Pidilite Industries, Schneider Electric and Havmor Icecreams use the service to transfer money to their employees, vendors and business partners such as masons, painters, carpenters, electricians, sellers, etc, it added.

Sandip Ginodia , CEO

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