Paytm payment gateway announces same-day bank settlement

TIL Desk/Business/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.