Reflecting increased automation in the payments system in India, a survey on Tuesday said 84 per cent of businesses have partially automated payments to suppliers.
The survey commissioned by American Express with the Centre for Economics and Business Research (CEBR) is based on responses from 513 entities across sectors and industries included sole enterprises, micro businesses, small and medium businesses as well as large businesses.
As per the survey, 34 per cent businesses that haven't fully automated their payments are seeking partners for the purpose.
"A substantial 84 per cent of Indian businesses have taken steps to partially automate payments to their suppliers, with an impressive 39 per cent achieving full automation of their payment processes," Manish Kapoor, Vice President and Head, Global Commercial Services (GCS), American Express Banking, India, said.
As the business landscape becomes increasingly competitive, Kapoor said, "The need to adopt smarter and more efficient payment solutions becomes paramount."
"For example, corporate cards, with their offering of extended payment terms, rewards on B2B expenditures, and seamless payment convenience, can make their spends more rewarding and efficient, effectively earning as they spend," he said.
The survey further said 58 per cent of those who have fully automated payment processes said they have seen faster and more accurate invoicing.
As per the survey, 86 per cent of the businesses said they either plan to start automating or increase the level of automation for receiving payments from customers.
Furthermore, 83 per cent intend to increase their current level of automation of payments made to suppliers.
A total of 72 per cent of businesses are expected to increase spend on travel, entertainment, and expenses, the survey added.