Paytm launches 24x7 RTGS money transfers for businesses

Paytm’s 24x7 RTGS money transfer system was launched after the Reserve Bank of India (RBI) announced to make RTGS a 24x7 facility. This will help the SMEs
Paytm launches 24x7 RTGS money transfers for businesses

New Delhi: One of the leading digital financial services as well as mobile wallet platform, Paytm has now launched a 24x7 facility as a part of its Payout service for the businesses to make bulk and instant money transfer to their employees, vendors and partners. This new facility will support the companies to make high-value transfers without any interruption.

The launch of this 24x7 facility came after the Reserve Bank of India announced to make RTGS (Real-Time Gross Settlement) a 24*7 facility, Paytm for Business Dashboard and Paytm Payouts' APIs to make bulk payments to Bank Accounts, Paytm Wallets, and UPI addresses instantly.

Paytm said that the current launch will be beneficial for SMEs and large enterprises. These enterprises will save time and resources while making transactions of higher value. The minimum transfer limit of RTGS is Rs 2 lakh.

A few of the important features of the newly launched 24x7 RTGS facility of Paytm are:

1. Businesses can transfer money of any amount instantly

2. Money can be transferred on all days of the week

3. The facility will support business so as to manage their cash flows

4. Companies can do high-value transactions easily

A spokesperson of Paytm said, "With Paytm Payouts, 24x7 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."

He also added that the company believes that this will boost the adoption of online payments in the country.

The company also appreciated RBI's decision and said, "RBI's move further supports commerce in the country and enhance ease of doing business recently allowed the transfer of funds through Real-Time Gross Settlement (RTGS) round-the-clock, 365 days a year."

The company further claims that Paytm Payout is the only service provider in the country that offers easy money transfers via Wallet, UPI, IMPS, NEFT & RTGS.

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Sentinel Assam