Paytm, which is One97 Communications Ltd, has revealed the launch of Instant Bank Settlement facility for its merchant partners, which allows them to settle payments immediately or at certain a point in time.
The solution will help the merchants in growing their businesses by improving their daily cash flows, the firm said in a statement.
With the help of this solution, the company aims to benefit over 10 million merchant partners who accept payments with the help of Paytm at their offline stores.
Nowadays customers pay the merchants by simply scanning the Paytm QR code and simply by choosing their preferred mode of payment, that is Paytm Wallet, bank account or with the BIM UPI. And with the help of instant Bank Settlement, the merchants can choose their preferred time to settle the payment which is collected or can do an instant settlement as and when they want directly into their bank account. This functionality is also available to them at the paytm for the business ap, where the merchants can simply also track all their payments and settlements on a real-time basis.
The company has also rolled out this functionality to more than one million merchants across all India. It is currently in the process of rolling it out to all of its 9.8 Million offline merchants as well.
“Liquidity is important for the merchants to manage their cash flow and stay ahead of their personal and business cash needs. With this objective in mind, we have introduced the feature of instant settlements,” said Kiran Vasireddy, chief operating officer, Paytm.