On Monday, Paytm said that it is looking forward to expand its Paytm postpaid offering. This would help to cover neighbourhood kirana stores and retail chains like Haldiram, Apollo pharmacy, Reliance fresh and several others. Users would be able to use Paytm postpaid for buying necessary commodities and make payments.
This service comes to the ground as a partnership with two NBFCs. They offer an instant credit line to PayTM’s app users. The company has decided to increment the credit limit of monthly expense. The limit would be extended to rupees 100000 and would that enable users to purchase large items.
The customers would be required to complete their online KYC with the partner nbfc to avail the service. After this, they will be shown a ‘postpaid’ icon in the financial services section through which they can enjoy this facility of Paytm postpaid. The bill would be required to be paid by the 7th of each month.
This service is expected to provide relief to the Paytm users by eliminating the need to withdraw cash for the purpose of paying monthly expenditures. The postpaid feature would be available in three different variants, namely, Lite delite and Elite. The variant would be offered based on partner nbfc’s assessment.
The Lite variant has a limit of rupees 20000 and convenience charge while both Delite and Elite offer sums from rupees 20000 to rupees 100000 without any convenience charges. Lite is designed for the users with not a very good credit score.
“Paytm postpaid is a mission to provide access to credit to every Paytm user. During this ongoing pandemic it becomes important for us to give Indians the power to buy on credit ,”says Paytm president Amit Nayyar.