Payouts can be done using bank transfers as well as through PayPal account. Go to the Payout section under account settings for configuring this.
For setting up bank details, click Bank Transfer and enter complete bank account details like bank name, IFSC code, complete address, account number on the following page and click Save.
To set up payouts using PayPal, go to the PayPal settings and enter the PayPal registered email id and click Save.