To strengthen the traders, Paytm started the ‘Instant Bank Settlement’ service
New Delhi: The company operated a pilot program for more than one million traders across the country. It has got a great advantage of it. The advantage of this is that more and more traders are now awake to pay their customers through Paytm.
One 97 Communications Limited, owner of India’s largest digital payment platform, Paytm, has announced the introduction of instant bank settlement service for traders, bringing instant revolution in case of payment for merchants. From this new beginning, the company has reiterated its commitment to providing a powerful payment solution like cash. This will help traders to increase their business faster by improving their everyday cash transactions.
With the help of this solution, the company aims to benefit 9.5 million traders who accept payments through their Paytm QR at their offline store. Paytm was the first digital payment platform that gave settlement facility to merchants on next day settlement. And now through ‘instant bank settlement’ it has taken another new initiative in the digital payment industry. Traders will now be able to choose whether they want to set up their business transactions or can do an instant settlement whenever they want.
The company operated pilot programs for more than one million traders across the country. It has got a great advantage of it. The advantage of this is that more and more traders are now awake to pay their customers through Paytm.
Kiran Vasireddy, CEO of Paytm, said, “We found that for our partner traders, there was an urgent settlement of instant settlement, to improve daily cash withdrawal. For this reason, we developed the option of instant settlement and operated a pilot among more than one million traders. The results are very encouraging. There was an increase of 100 percent increase in acceptance of different types of payments from Paytm QR. Now the traders are also advising their customers to pay with Paytm QR.
Based on this, we are now providing this service for our 9.5 million partner traders. From this new beginning, we are giving instant liquidity to traders. Because of this, the traders are saying that now ‘Paytm has become a powerful payment medium like cash’. It is a proud moment for us because we are progressing in the right direction to make the country a digital nation.
I am a Computer Engineer and a Post Graduate in MBA (Marketing). I am currently working as a Team Lead (ICT domain) for Credence Research Inc.
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