The payments gateway 'Paytm' has come up with a new service coined as the 'Postpaid Mini', a part of the 'Buy Now, Pay Later' services. Through this service, the fast booming Paytm is trying to add up to its customer base and extending low-ticket size loans to customers for managing their monthly expenses. Importantly, the credit facility has been extended in association with Aditya Birla Finance Ltd.
The fintech company also provides instant credit as part of its other Paytm Postpaid services.
As part of the new service, loan of between Rs. 250- Rs. 1000 can be availed for meeting any of the monthly obligation such as mobile, DTH recharges, gas cylinders, electricity as well as water bills, shop on Paytm Mall etc. The repayment can be made within a period of one month with 0% interest charges. Further for availing the service, there is only a nominal convenience is fee charged and there is no annual fees or activation charges.
The service is helpful in respect of the versatility it extends say one can pay through the facility either via online route or at offline stores. "We want to help new-to-credit citizens start their credit journey and develop a 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", added Bhavesh Gupta, CEO - Paytm Lending.
The company is making these all new moves at a time when it is inching close to its record IPO of $2.3 billion that will most likely hit in November.