Paytm Reaches 7 Million Costumers For Postpaid Service
The company is aiming for over 15 million users by end of this financial year
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Paytm on Monday announced that it is enabling postpaid services to the android mini app store and POS (point of sale) devices expanding the reach of micro-credit to wider payment segments.
The company has achieved 7 million users for the postpaid service and is on its way to registering a total of 15 million users by the end of the current financial year. The company partnering with two leading NBFCs (non-banking financial companies) with an instant credit line for various payments to Paytm app users.
The company said postpaid is available in three different slabs of a credit limit, namely Lite, Delite, and Elite. While postpaid Lite comes with a limit of up to INR 20,000, Delite and Elite offer credit limits from INR 20,000 to INR 1, 00,000, respectively, in monthly spends with no additional convenience charges.
"We aim to expand our services to as many businesses that enable consumers to benefit from the convenience of buy now and pay later. Our latest product is another step towards becoming as ubiquitous as credit cards. Postpaid is now an even more attractive payment option for everyday wants and needs," said Paytm lending chief executive officer Bhavesh Gupta. "We can also now better support merchants who offer smaller ticket items and bring their customers a more transparent, flexible way to pay. By delivering a transparent payment option, that is suited to a shopper's needs, we will help even more people live a healthy lifestyle."
In preparation for the upcoming festive season, Paytm postpaid is also in the process of integration with over 200,000 Paytm's Android POS devices powering shoppers to buy on credit and benefitting the retailers across the country.
Gupta further added, "We believe that Paytm Postpaid has immense potential and opportunity to become as ubiquitous as credit cards. It is fast becoming an important payment option for everyday wants and needs. We are expanding our partnerships with as many business segments and delivering a transparent payment option without any charges."
Its postpaid services can be availed from daily purchases of groceries, milk, and other home essentials from neighborhood kiranas to high value shopping at popular retail destinations such as Reliance Fresh, Haldiram, Apollo Pharmacy, Croma, Shoppers Stop, among others.