Paytm Payouts processed over ₹1,500 crore salaries amid lockdown

Paytm on Monday announced that its payments service for businesses, Paytm Payouts, processed salaries worth ₹1,500 crore amid the lockdown between April and June.

The lockdown enforced in light of the Covid-19 pandemic has accelerated the adoption of various technologies among the small and medium enterprises, particularly in terms of the digital money transfers. Amid the lockdown, over 5,000 companies used Paytm Payouts, which was launched earlier this year, to pay salaries and food allowances to their employees and incentives and rewards to housekeeping, labourers and other contractual staff in addition to using it for expenses such as utility bills of their offices, the company announced today.

These transactions and others led to a total money transfer of ₹1,500 either to the Paytm wallet, food wallet, gift voucher, or bank account of millions of beneficiaries. The Noida-headquartered company also said that companies such as Pidilite Industries, Schneider Electric and Havmor Icecreams Pvt Ltd used its Paytm Payouts service to transfer money to their employees, vendors and business partners such as masons, painters, carpenters, electricians and sellers among others.

“During the ongoing lockdown, we have witnessed that more organisations are relying on digital money transfers to pay salaries & other benefits to their employees, vendors, and business partners...We are expecting 100% growth, both in the number of transactions & volume by the end of this fiscal year,” Paytm Vice President Narendra Yadav said on the occasion.