Indian digital payments company Fintech Paytm introduces low-cost instant loans to help consumers manage their spending
Indian digital payments giant Payment recently introduced Paytm Postpaid Mini, which allows users to acquire small instant loans to help them manage their monthly or daily expenses
The Paytm team notes in a blog post that their goal is to provide customers with services that will provide them with greater convenience and help them manage their finances effectively. Paytm says in a recent update that its latest offering allows customers to pay over time.
Paytm management noted:
âWe’re excited to bring you Paytm Postpaid Mini, an extension of our Buy Now, Pay Later service, making new customers affordable. These small instant loans will give you flexibility and will also help you manage your household expenses to maintain cash flow during the ongoing pandemic. “
As explained in the update, this new service was introduced with the help of Aditya Birla Finance Ltd. With the launch of Postpaid Mini, Paytm says it gives customers access to loans ranging from INR 250 to INR 1,000, as well as Paytm Postpaid instant credit of up to INR 60,000.
As the company noted, this should allow Paytm users to pay for their monthly expenses, such as mobile and DTH top-ups, gas cylinder reservations, electricity and water bills. They can also shop at Paytm Mall and take advantage of other offers.
With this new service, Paytm Postpaid “offers a period of up to 30 days for the repayment of loans at 0% interest”, the announcement revealed while confirming that there is “no annual fee no activation fees, only minimal convenience fees. “
Like noted in the update:
âWith Paytm Postpaid, you can pay in online and offline merchant stores across the country without having to worry about rocking your monthly budgets. Paytm Postpaid is currently accepted in thousands of gas pumps, neighborhood kirana stores or pharmacies, popular chain stores (such as 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 over 550 cities across India.
Bhavesh Gupta, CEO of Paytm Lending, said they intend to help new credit consumers start their credit journey and “develop financial discipline.”
âThrough Postpaid, we are also making sincere efforts to help stimulate consumption in the economy. Our new Postpaid Mini service helps users manage their cash flow by clearing their bills or payments on time. “
As recently reported, Alibaba-backed Paytm is reportedly in talks with a few domestic payment providers for a possible acquisition as it consolidates its IPO strategy this year.