India’s homegrown digital financial services platform Paytm announced that its Payout service which enables businesses to make multiple instant money transfers to their employees, vendors & partners today announced that corporate gifting of Paytm Gift Wallet Cards and 24-Karat Digital Gold has crossed Rs. 100 crore in yearly GMV.
With the ongoing pandemic, more companies are adopting the offerings by Paytm Payouts as a safe, efficient, and cost-effective way to spread the festive cheer. With most employees working remotely this year, the service gained popularity for its advantages of zero logistic costs of procurement and distribution.
Paytm Payout’s range of digital gifting options enables companies to skip the process of zeroing on options, asking for competitive quotations, selecting gifts, and paying for logistics. The options streamline the complicated process of corporate gifting, increases efficiency and reduces costs. The Paytm Payout Gift Wallet card remains popular among employees and vendors for its ease of gifting and range of options.
Paytm also offers tax-saving gift allowance to employees up to a sum of Rs 5,000 every financial year. According to the Income Tax Act, employees can save up to 30 percent in taxes on the value of the gift issued to them.
According to Paytm, it has seen a massive surge in companies giving away digital gold as corporate gifts this Diwali becoming the top-selling gifting option. It enables the instant gifting of any amount of certified gold to recipients without any logistical and technical challenge. The service has been curated to be fast and hassle-free, and gifting can be done using Paytm’s online dashboard.
A Paytm spokesperson, said, “We aim to transform the way corporates, businesses, MSMEs share festivities and greetings with their employees, vendors, partners. Paytm Payout Gift Wallet Cards, Digital Gold is an extremely simple, convenient, and seamless option to spread the festive cheer.”
“It saves companies time, the logistical cost of buying, storing, distributing gifts and gives people the option to spend it on whatever they want. It is also extremely easy to use as customers can directly pay at millions of shops and online partners using the same Paytm mobile application,” the spokesperson added.
The Payouts service is driven by a powerful API that can be integrated with any platform, thereby eliminating the need for corporates to invest time & resources to build their own platform. It allows bulk payments to be made to Bank Accounts, UPI addresses, Paytm Wallets, Gift Vouchers, and other employee benefits like Food Allowance instantly.
In addition, companies and their finance department can manage their receivables and payables including utility payments, rent payments, vendor invoices, employee reimbursements, collections using this product. Also, it offers the highest transaction success rate in the industry. Apart from thousands of small businesses, a growing list of major companies like Pidilite Industries, Schneider Electric and Havmor Icecreams use the service.