Digital payment firm Paytm on Thursday said it would settle payment with merchants either immediately or at a time desired by them.
"Earlier, we offered next-day settlement to our partner merchants. They can now enjoy instant and on-demand settlement into their bank accounts via Paytm," Paytm Chief Operating Officer Kiran Vasireddy said in a statement.
The company has introduced an 'instant bank settlement' option in 'Paytm for Business' app in which the merchants can choose their preferred time to settle the payment collected or can also do an instant settlement as and when they want, directly into their bank accounts.
The merchants can also track all their payments and settlements on a real-time basis, Paytm said.
With this solution, the company aims to benefit over 9.8 million partner merchants who accept payments using Paytm at their offline stores.
The company has rolled out this functionality to over 1 million merchants across India and is currently in the process of extending it to all of its 9.8 million offline merchants.
"Liquidity is important for the merchants to manage their cash flow and stay ahead of their personal and business cash needs. With this objective in mind, we have introduced the feature of instant settlements," Vasireddy said.