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India’s digital financial services platform Paytm has announced the launch of postpaid mini, an extension of its ‘buy now, pay later’ service, driving affordability amongst those new to credit. These small ticket instant loans will give flexibility to users and also help manage their household expenses to maintain liquidity during the ongoing pandemic. This service has been launched in partnership with Aditya Birla Finance Ltd.
Features
With the launch of Postpaid Mini, the company will offer access to loans ranging from Rs 250 to Rs 1000, in addition to Paytm Postpaid’s instant credit of up to Rs 60,000. This will help users pay for their monthly expenses, including mobile & DTH recharges, gas cylinder booking, electricity & water bills, shop on Paytm Mall etc. With this service, Paytm Postpaid is offering a period of up to 30-days for repayment of loans at 0% interest. There are no annual fees or activation charges, only a minimal convenience fee.
Through Paytm Postpaid, users can pay at online and offline merchant stores across the country and not have to worry about upsetting their monthly budgets. Paytm Postpaid is currently accepted at thousands of petrol pumps, neighbourhood 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.). Paytm Postpaid is available in over 550 cities in India.
Bhavesh Gupta, CEO, Paytm Lending said, “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.”