Paytm Adds ‘Postpaid Mini’ Service to Help Users Get Small Instant Loans
Paytm has announced the launch of Paytm Postpaid Mini, an extension of its Buy Now, Pay Later service. The company says these “instant low-ticket loans” would give customers flexibility and manage household spending to maintain cash flow during the ongoing COVID-19 pandemic. The Paytm Postpaid Mini service was launched in partnership with Aditya Birla Finance. The digital payment company is providing access to loans ranging from Rs 250 to Rs 1000, in addition to Paytm Postpaid instant credit of up to Rs 60,000. It is supposed to help users pay monthly bills such as mobile and SRD recharges, gas cylinder reservations, electricity and water bills. Customers can also buy on Paytm Mall with Paytm Postpaid Mini.
In a blog post, Paytm explains that the Paytm Postpaid service offers a period of up to 30 days for the repayment of loans at 0% interest. There is no annual fee or activation fee, only a “minimal” convenience fee. Speaking further on the development, Bhavesh Gupta, CEO of Paytm Lending, said the company is keen to help customers develop “financial discipline” with their service. “Through 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, ”he said in the blog post.
Through Paytm Postpaid, users can pay at online and offline merchant stores across the country. Postpaid service is currently accepted in thousands of gas pumps, Kirana stores or neighborhood pharmacies, popular chain stores (such as Reliance Fresh and Apollo Pharmacy), internet apps (such as Myntra, Firstcry, Uber , Dominos, Ajio and Pharmeasy) and popular retail destinations (such as Shoppers Stop and Croma) among others. Paytm Postpaid is available in more than 550 cities in India, the company notes.
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