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Available for recharges & bill payments on Paytm, online
payments on internet apps and also for buying home essentials from kirana
stores
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Introduces Paytm Postpaid Lite, Delight & Elite to offer
unsecured loans
·
Working with multiple NBFC partners to expand the offering
Mumbai, 9th June’20: India’s leading financial
services firm Paytm has today announced a significant expansion of 'Paytm
Postpaid' to a large set of payment use-cases. This service can now be availed
to buy groceries, milk, and other home essentials from neighbourhoodKirana
stores and also at popular retail destinations such as Reliance Fresh,
Haldiram, Apollo Pharmacy, Croma, Shoppers Stop among others. Additionally, it
has also been extended to various bill payments facilities available on Paytm,
shopping on Paytm Mall, and online payments at internet apps such as Domino's,
Tata Sky, Pepperfry, HungerBox, Patanjali, Spencer's among others. This service
comes as a great relief to Paytm users during the ongoing lockdown, as the
increased credit limit & a large set of use-cases will eliminate the need
to withdraw cash for meeting monthly household expenses.
Paytm Postpaid is offered in partnership with two leading NBFCs with an instant
credit line for various payments to Paytm app users. Seeing an increasing
demand for consumer credit during the ongoing pandemic, the company has
increased this credit limit up to Rs. 100,000 of monthly spends to enable
payment for large items such as furniture and consumer electronics among
others. Initially, select users will be shown a Postpaid icon in the Financial
Services Section to avail Paytm Postpaid post completion of their online KYC
with partner NBFC. The bill repayment can be done by the 7th of each month or
earlier. Paytm Postpaid offers a passbook to analyze monthly spends to plan
everyday expenses.
The company has introduced 3 variants of Postpaid viz. Lite, Delite and Elite
which will be offered based on partner NBFC's assessment. While Postpaid Lite
comes with limits up to Rs. 20,000 and a convenience charge which will be added
to the monthly bill, the Delite and Elite offer credit limits from Rs. 20,000
to Rs. 1,00,000 in monthly spends with no convenience charges. Postpaid Lite
has been designed so that users without excellent credit score are also able to
avail the convenience & benefits of this service. However, there is no cost
associated with activating & keeping Paytm Postpaid or any of its variants.
Amit Nayyar, President at Paytm said, "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. We are excited to expand this service for
payments at kirana and online stores that play an important role in the whole
neighbourhood and online shopping experience. We will keep expanding the offering
to include more and more Paytm users."
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