One97 Communications Limited owned Paytm has launched 'Instant Bank settlement' facility for its 9.8+ million merchant partners allowing them to settle payments immediately or at any other time they find suitable.
The 'Instant Bank Settlement' feature is available in the 'Paytm for Business' app where the merchants can track their payments and settlements in real-time, for free.
"We believe empowering merchants to settle business transactions as and when they choose is a major step towards making digital payments as powerful as cash"' Paytm said in a release.
Good news for our Merchant partners across India! 🇮🇳
We have introduced 'Instant Bank Settlements' for more than 9.8 million merchant partners accepting payments using Paytm QR Code. 📲 🏦
Read our blog to know more.- Paytm (@Paytm) November 29, 2018
Earlier, Paytm used to offer next day settlement but now the merchants can enjoy immediate and on-demand settlement into their bank accounts. The merchants can also track all their payments and settlements on a real-time basis.
With the new payment settlement feature, Paytm is aiming to grow exponentially and provide a new solution to their merchant partners which is on par with cash. The company has already rolled out this functionality to over 1 million merchants across India and is currently in the process of extending it to all of its 9.8 million offline merchants.
"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," Paytm Chief Operating Officer Kiran Vasireddy said in a statement.
Edited By: Udit Verma