Paytm extends postpaid services to offline stores, credit limit up to Rs 1 lakh
New Delhi : With an aim to generate more credit flow, Paytm has tied up with two undisclosed non-banking financial companies (NBFCs) to expand the use-cases of its digital credit services Paytm Postpaid.
The company believes that with this they will be able to eliminate the need of monthly cash withdrawal for household expenses.
Paytm has extended its postpaid services to kiranas and offline stores with an extended credit limit of up to Rs 1 lakh, which will allow customers to pay for more expensive items like furniture and consumer electronics among others.
The Paytm postpaid services have been divided into three categories - Lite, Delite and Elite. These will offer credit based on the partner NBFC’s assessment.
Postpaid Lite will offer loans up to INR 20K and comes with a convenience charge that will be added in the monthly bill. The Lite services would allow customers without an “excellent” credit score avail the convenience and benefits of the Paytm Postpaid service. The Delite and Elite offer loans from INR 20K to INR 1 Lakh on monthly spends, without any convenience charges.
“Paytm Postpaid is our mission to provide access to credit to every Paytm user. During this ongoing pandemic, it becomes more important for us to stand by fellow Indians and give them the power to buy on credit when required,” Amit Nayyar, president at Paytm, said in a press note.
Paytm will also expand services to include various bill payments facilities available on Paytm, shopping on Paytm Mall, and online payments at internet apps like Domino’s, Tata Sky, Pepperfry, HungerBox, Patanjali and others.