India’s digital payments giant Paytm recently introduced Paytm Postpaid Mini, which allows users to acquire small ticket instant loans to help them with managing their monthly or everyday expenses
The Paytm team notes in a blog post that their goal is to bring clients the services that will provide greater convenience and assist them with effectively managing their finances. Paytm states in a recent update that their latest offering allows customers to pay over time.
Paytm’s management noted:
“We are excited to offer you Paytm Postpaid Mini, an extension of our Buy Now, Pay Later service, driving affordability amongst those new to credit. These small ticket instant loans will give flexibility and also help you manage your household expenses to maintain liquidity during the ongoing pandemic.”
As explained in the update, this new service has been introduced with assistance from Aditya Birla Finance Ltd. With the launch of Postpaid Mini, Paytm says it’s giving clients access to loans ranging from anywhere between INR 250 to INR 1000, along with Paytm Postpaid’s instant credit of up to INR 60,000.
As noted by the firm, this should enable Paytm’s users with paying for their monthly expenses, such as mobile & DTH recharges, gas cylinder booking, electricity & water bills. They can also shop at Paytm Mall and avail other offers.
With this new service, Paytm Postpaid is “offering a period of up to 30-days for repayment of loans at 0% interest,” the announcement revealed while confirming that there are “no annual fees or activation charges, only a minimal convenience fee.”
As mentioned in the update:
“Through Paytm Postpaid, you can pay at online and offline merchant stores across the country and not have to worry about upsetting your monthly budgets. Paytm Postpaid is currently accepted at thousands of petrol pumps, neighborhood kirana stores or pharmacy shops, popular chain outlets (such Reliance Fresh, Apollo Pharmacy, etc.), internet apps (such as Myntra, Firstcry, Uber, Dominos, Ajio, Pharmeasy, etc.) and popular retail destinations (such as Shoppers Stop, Croma, etc.) among others.”
Paytm Postpaid is currently available in more than 550 cities across India.
Bhavesh Gupta, CEO at Paytm Lending, stated that they intend to help new-to-credit consumers begin their credit journey and “develop financial discipline.”
“Through Postpaid we are also making sincere attempts to help drive consumption in the economy. Our new Postpaid Mini service helps users manage their liquidity by clearing their bills or payments on time.”
As covered recently, Alibaba-backed Paytm is reported to be in talks with a few domestic payment providers for a possible acquisition as it firms up its strategy to go public this year.