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Fintech & Ecommerce

Paytm launched same-day bank settlement facility for businesses

Oct 15, 2020

Companies can now settle money transfers without waiting for the next day

same-day

Paytm launched same-day bank settlement facility for businesses. Source: shutterstock.com

Paytm has launched a same-day settlement facility for all kinds of fund transfers. This way, its business partners can settle money transfers in their bank account on the same day of receiving payment.

Besides, the new feature will help businesses depending upon the immediate availability of funds to pay down-stream partners. This includes e-commerce companies, government institutions, and all businesses involving inventories.

The launch of same-day settlement facility is in line with our aim of strengthening the Digital India mission by making high-frequency & high-value business transactions completely cash-less. This facility will strengthen businesses that are dependent on daily cash requirements. 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
Saloni Malhotra, Vice President

This feature can be accessed from Paytm Merchant Dashboard or Paytm for Business app. The minimum amount that can be transferred is Rs 50 ($0.60), and the maximum amount is Rs 2 lakhs? ($7) in a single transfer request.

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

We’ve reported that Paytm?announced?the launch of its subscription service for businesses across India named as ‘Paytm Subscriptions’.

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