Digital financial services platform Paytm announced that postpaid users can now convert their spending into Equated Monthly Installments (EMIs). Paytm's instant credit service will give users the flexibility to pay their dues. The EMI billing feature will allow postpaid users to convert their total spending into tailor-fit EMIs, at a nominal interest rate.
With this, the company aims to allow consumers to purchase essentials without budget constraints and make easy installment payments, thus adding another level of flexibility to their purchasing process. Users can take advantage of Paytm's "Buy Now and Pay Later" (BNPL) feature for a wide range of products and services in over 5 lakh plus stores and websites.
For postpaid bill payments, multiple payment options such as UPI, debit card, and net banking are already available with the platform. Every month, users receive an invoice to keep track of all their expenses through postpaid. Within the first seven days of invoice issuance, they have the option of converting the postpaid invoice into flexible monthly installments. Postpaid offers a credit limit of Rs 1 lakh, which can be increased with timely repayment. Offered in partnership with two leading NBFC companies with an instant credit limit for multiple payments to Paytm app users.
From everyday shopping to household essentials and high-value purchases at popular retail destinations, Paytm's postpaid services can be accessed through a large cross-section of the retail space. In addition, it has been expanded to include various bill payment facilities available from Paytm, purchases from Paytm Mall, and online payments in Internet applications. Paytm has also expanded postpaid services to provide relief to users during the ongoing pandemic, as increasing credit limits and a wide range of use cases eliminate the need to withdraw cash for monthly household expenses.
Postpaid is available in three different slabs of the credit limit, namely Lite, Delite, and Elite. Lite Postpaid service comes capped at Rs 20,000 and is the alternative designed for users without credit scores to take advantage of instant credit benefits and advantages. Delite and Elite offer a Rs 10,000 credit limit on monthly spending with no additional fees for the convenience
Bhavish Gupta, CEO of Paytm Lending, said: "Postpaid has become an important payment option for our citizens, especially during the holiday season. We remain committed to expanding our partnership with all types of business sectors across the country and offer a transparent and flexible payment option for our users. "
Paytm Postpaid is also in the process of integrating with over 2 lakh Paytm Android POS devices, driving shoppers to buy on credit and benefiting retailers across the country. This service is now available to recharge and pay bills in Paytm, online payments on internet apps, and also for buying home essentials from Kirana stores.
Source: Financial Express
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