News Karnataka
Tuesday, September 27 2022
Business

Paytm payment gateway announces same-day bank settlement

Photo Credit :

New Delhi: Paytm on Tuesday announced the same-day settlement facility for all kinds of fund transfers on its payment gateway that will help businesses that depend upon immediate availability of funds to pay down-stream partners.

The feature can be accessed from Paytm Merchant Dashboard or Paytm for Business app.

The minimum amount that can be transferred is Rs 50, and the maximum amount is Rs 2 lakh in a single transfer request, the company said in a statement.

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 Saloni Malhotra, Vice President, Paytm.

In the last five years, Paytm has grown from 40 million transactions per month to 400�450 million monthly transactions in FY20.

Malhotra said the company will soon introduce merchant-facing APIs (application programming interfaces) for triggering on-demand settlements and checking outstanding payable amounts.

According to RedSeer Consulting, the payment gateway aggregator market in India currently stands at Rs 9.5 trillion and is expected to grow by 2.4 times driven by large value transactions.

It is expected to grow at a CAGR of 19 per cent in the next five years to reach Rs 22.6 trillion by FY25.

 

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp