NE BUSINESS BUREAU
NEW DELHI, NOV 2
Digital financial services firm Paytm on Monday said it has acquired around 70 lakh Postpaid micro-credit service users and aims to close the current financial year with 1.5 crore customers. The company is offering Paytm Postpaid service in partnership with two non-banking financial services companies (NBFCs) with an instant credit line for various payments to Paytm app users.
”The company has achieved 7 million users for the Postpaid service and is on its way to registering a total of 15 million users by the end of the current financial year,” Paytm said in a statement. The financial technology firm said that it is now expanding its partnership with the developer’s community in the company’s new Android mini-app store.
”This will potentially benefit businesses as a consumer will have an additional option to opt for buy now and pay later service. In preparation for the upcoming festive season, Paytm Postpaid is also in the process of integration with over 2 lakh Paytm’s Android POS devices powering shoppers to buy on credit and benefitting the retailers across the country,” the statement said.
Bhavesh Gupta, CEO – Paytm Lending said, “We aim to expand our services to as many businesses that enable consumers to benefit from the convenience of buy now and pay later. Our latest product is another step towards becoming as ubiquitous as credit cards. Postpaid is now an even more attractive payment option for everyday wants and needs. We can also now better support merchants who offer smaller ticket items and bring their customers a more transparent, flexible way to pay. By delivering a transparent payment option, that is suited to a shopper’s needs, we will help even more people live a healthy lifestyle.”
The company said that Postpaid is available in three different slabs of a credit limit, namely Lite, Delite, and Elite. While Postpaid Lite comes with a limit of up to Rs. 20,000, Delite, and Elite offer credit limits from Rs. 20,000 to Rs. 1,00,000 in monthly spending with no additional convenience charges. Postpaid Lite has been designed so that users without a credit score are also able to avail of the convenience & benefits of this service. Paytm Postpaid has come as a great relief to users during this ongoing pandemic, as the increased credit limit & a large set of use-cases eliminate the need to withdraw cash for meeting monthly household expenses.
Paytm said that the Postpaid service is already available for recharges and bill payments on Paytm, online payments on internet apps, and also for buying home essentials from kirana stores.
