Paytm expands 'Postpaid' services to Kiranas and other internet apps

4 months ago 55
google news

NEW DELHI:

Paytm

has announced 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 neighbourhood Kirana stores and also at 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.
Paytm Postpaid is offered in partnership with two leading

NBFCs

with an instant credit line for various payments to Paytm app users. The company has increased the credit limit of 'Paytm Postpaid' 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 seventh of each month or earlier. Paytm Postpaid offers a passbook to analyze monthly spends to plan everyday expenses.
The company has introduced three 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. The company claims that Postpaid Lite has been designed so that users without excellent credit score are also able to avail the convenience and benefits of this service. However, there is no cost associated with activating and 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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