Paytm Launches Same-Day Bank Settlement Facility For Businesses

Payment gateway service provider Paytm on Tuesday launched a same-day settlement facility for all kinds of fund transfers on its payment gateway to help businesses that depend on immediate availability of funds to pay down-stream partners.

This includes e-commerce companies, government institutions and all businesses involving inventories, especially those involved in day-to-day trading who depend heavily on cash procurements.

The feature can be accessed from Paytm merchant dashboard or Paytm for business app. The minimum amount that can be transferred is ₹ 50, and the maximum amount is ₹ 2 lakh in a single transfer request.

The merchants can define frequencies and the funds will transfer automatically. Frequencies can be once a day, twice a day or even three times a day.

“The feature is especially useful in this post-lockdown period when businesses are getting ready for the upcoming festive season. Every single day reduced from their working capital cycle is a big relief for them,” said Paytm’s Vice President Saloni Malhotra.

“We will soon introduce merchant-facing application programming interfaces for triggering on-demand settlements and checking outstanding payable amounts,” she said in a statement.

Comments

Post a Comment

Popular posts from this blog

Elon Musk's "Use Signal" Post Spurred Massive Rally For The Wrong One

A two-word app recommendation from Elon Musk has turned into a massive rally in the shares of a tiny medical device company in another case of mistaken identity. “Use Signal,” the Tesla Inc. chief executive officer wrote on Twitter on Jan. 7, apparently referring to the encrypted messaging service. By the end of the day, Signal Advance Inc. shares had surged more than sixfold. That was enough to push Signal Advance’s rally more than 5,100% in three trading days giving it a market valuation of $390 million. Despite reports about the confusion on Friday, the stock has continued to rally. Shares of the Rosharon, Texas-based company surged as much as 885% on Monday before paring the gains. “We strongly recommend people do their due diligence and always invest with care,” the company’s chief executive officer, Dr. Chris Hymel, said when reached by phone on Monday. Signal Advance doesn’t have an association with Musk or the Signal app, he said. Signal...
Read more

Covid Vaccination Drive To Begin On Jan 16, Landmark Step, Tweets PM Modi

India’s coronavirus vaccination drive will begin January 16, the government said Saturday evening, hours after Prime Minister Narendra Modi chaired a high-level meeting with senior officials to review the Covid situation in the country and finalise vaccine roll-out details. The Prime Minister called the news a “landmark step forward in fighting COVID-19”. Priority will be given to around one crore healthcare workers and two crore frontline staff, like doctors, community health workers and police, who are directly involved in fighting the pandemic. The vaccine will be free of cost for this group , Health Minister Dr Harsh Vardhan said last week. The next group will be people over 50, followed by those under 50 but with co-morbidities. Around 30 crore people will be vaccinated in the first phase. Minutes after the announcement, Prime Minister Modi tweeted: “On 16th January, India takes a landmark step forward in fighting COVID-19. Starting that day, India’s n...
Read more

Royal Enfield announces foray into Argentina market

Image
Royal Enfield Tuesday announced its foray into Argentina, the second biggest motorcycle market in Latin America. The motorcycle maker launched its first flagship store in Buenos Aires, commencing its full operation, including after sales, spares and service. Royal Enfield has appointed Grupo Simpa as its official dealer-partner for Argentina, which will look after all market development and support activities such as marketing and aftersales, for the brand in the country. Argentina is the third country after Brazil and Colombia in the Latin American region to have an exclusive Royal Enfield store. Rudratej (Rudy) Singh, President (Royal Enfield) said, “Our approach in international markets has been to focus on key cities that strongly influence the motorcycling and lifestyle culture in the country…More recently our focus has been on fast emerging motorcycle markets, like South East Asia and Latin America.” The company has been expanding its footprint in the Latin American region and h...
Read more