New Delhi: In what can be called as a good news for Paytm users, the digital payments app on Monday announced the expansion of its ‘Postpaid’ lending services’, through which people can buy products from neighbourhood kirana (grocery) stores and other popular retail destinations such as Reliance Fresh, Haldiram, Apollo Pharmacy, Croma, Shoppers Stop. Also Read - BCCI to Review IPL Sponsorship With Chinese Companies Including Vivo, Other Deals Under Scanner After Galwan Clash
In a statement, the company said that the aim behind expanding of the “Paytm Postpaid” service is to eliminate the need to withdraw cash for meeting monthly household expenses as people will be able to buy groceries, milk, and other home essentials on credit. Also Read - Paytm Payments Bank to Deliver Cash at Home Upto Rs 5,000 in This City - Read Details
“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”, said Amit Nayyar, President at Paytm. Also Read - Paytm Commits Rs 500 Crores to Fight COVID-19, Urges Users to do Their Bit
Besides grocery stores, the postpaid services have 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, the company stated.
The company has introduced three variants of Postpaid — 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 100,000 in monthly spends with no convenience charges, Paytm said.
However, there is no cost associated with activating and keeping Paytm Postpaid or any of its variants, the company added.
“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,” Nayyar said.
How can you avail this facility?
Initially, select users will be shown a Postpaid icon in the Financial Services section to avail Paytm Postpaid post completion of their online know your customer (KYC) guidelines with partner NBFC.
The bill repayment can be done by the 7th of each month or earlier. Paytm Postpaid offers a passbook to analyse monthly spends to plan everyday expenses.
(With agency inputs)