New Delhi, June 8, Paytm on Monday said it has expanded the "Paytm Postpaid" offering to cover Kirana neighborhood stores and retail chains like Reliance Fresh, Haldiram, Apollo Pharmacy, Croma and Shoppers Stop among others.
Users can use Paytm postpaid to buy groceries and essential household items, as well as pay various bills.
The service is offered in partnership with two NBFCs that offer an instant credit line of 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 1 lakh of monthly spends to allow the payment of large items such as furniture and consumer electronics, among others." A statement said.
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 the partner NBFC.
The bill repayment can be done by the 7th of each month.
Paytm said that the service will provide relief to Paytm users as the increased credit limit and a large set of use cases will eliminate the need to withdraw for meeting monthly household expenses.
The company has introduced 3 postpaid variants: Lite, Delite, and Elite, which will be introduced based on partner NBFC's assessment.
While the postpaid Lite comes with limits of up to Rs 20,000 and a convenience charge, Delite and Elite offer credit limits from Rs 20,000 to Rs 100,000 in monthly spending with no convenience charges. It said Postpaid Lite has been designed so that users without an excellent credit score are also able to avail of the service. It added that there is no cost associated with activating and keeping Paytm Postpaid or any of its variants.
“Paytm Postpaid is our mission to provide access to credit to every Paytm users. 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," Paytm President Amit Nayyar said. SR MKJ
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