India’s homegrown digital financial services platform Paytm on Tuesday announced that its Payout service which enables businesses to make bulk and instant money transfers to their employees, vendors and partners has launched a 24*7 RTGS facility to support companies make high-value transactions seamlessly.
The company said that the launch comes after the Reserve Bank of India (RBI) made an announcement to make RTGS 24*7.
The service is especially beneficial for SMEs and large enterprises who use it to adopt an automated payment mechanism that saves their time and resources. With the launch of this facility, Paytm Payout is the only service provider that offers seamless round the clock money transfers via Wallet, UPI, IMPS, NEFT and RTGS.
The company said that with 24*7 RTGS facility companies are now empowered to manage cash flows more efficiently. RTGS has a minimum transfer limit of Rs 2 lakh, with no upper limit, which helps businesses or individuals for making high-value transactions. Paytm Payout and RTGS facility enables businesses to reduce their working capital requirement as they can now transfer salaries to employees even on the last day of the month even if it is a holiday or a Sunday. The company also said that its RTGS service also helps businesses in servicing their clients better as companies can now fulfil payment requests post-market hours.
Paytm Spokesperson in a statement said, “With Paytm Payouts 24*7 RTGS facility, companies are now empowered to handle their finances much better as high-value transactions can be made anytime. This in turn would help reduce their working capital requirement. We believe this will help in further boosting the adoption of online payments in the country, making more businesses digitally empowered.”
