Paytm's Enterprise Bill Payment System targets ₹3,000 cr in transactions by FY21-end

Paytm on Monday announced that its Enterprise Bill Payment System (EBPS), a part of Paytm Payouts, is expected to cross ₹3,000 crore in transactions by FY21-end.

EBPS enables businesses to manage and pay all their utility bills generated across a large number of business locations on a single unified platform, Paytm said in a statement.

"Paytm Payouts' Enterprise Bill Payment System aims at ₹3,000 crores in transactions by the end of FY'21," it added.

EBPS is an integrated utility bill management service for businesses, enabling companies to monitor all the bills of their shops, offices, and warehouses.

Also read: PayTM could turn profitable in 2021: CEO

Saloni Malhotra, Vice President of Paytm, said, "Instead of spending their time and effort on the exercise of managing bill payments, EBPS offers companies the chance to cut costs and focus on their business growth. We expect this service to process ₹3,000 crore worth of utility bills paid by companies in the current financial year". 

Paytm Money also stated that it is empowering its users with zero commission Direct Mutual Funds which provide an edge to investors over regular plans.

A direct plan is a type of mutual fund scheme that you buy directly from a mutual fund company or the AMC. In this, there is no involvement of an intermediary like a distributor or a bank. Thus, direct plans are free from any hidden fees or agent commissions.

Read more: Union Budget 2021: FM proposes ₹1,500 crore-scheme to promote digital payments

“Investing in Direct Mutual Funds is always beneficial for investors given that they can save up to 1% that goes as commission and the returns can increase. For instance, if you had invested Rs. 1 lakh in HDFC Mid-Cap Opportunities Regular Plan for a period of five years your portfolio value would have been Rs. 1,92,626, but if you invest the same amount and same time frame in HDFC Mid-Cap Opportunities Direct Plan the portfolio value would have been Rs. 2,01,311. This difference of Rs.8,685 or 8.7% in returns is because in a direct plan the brokerage or commission is not deducted from your returns,” said Varun Sridhar, CEO Paytm Money.