Postpaid Mini: Paytm launches small ticket loans

Digital payments and financial services platform, Paytm, have launched “Postpaid Mini” service for users on July 5, 2021.

About Postpaid Mini service

• Postpaid mini service was launched in partnership with Aditya Birla Finance Ltd.
• It is an extension of Paytm’s “Buy Now, Pay Later service”.
• It seeks to driving affordability amongst people who are new to credit.
• It is a small ticket instant loans facility that will give flexibility to users and also help manage their household expenses in order to maintain liquidity amid the covid-19 pandemic.

How loan can be repaid?

Paytm Postpaid is giving a period of up to 30 days for repayment of loans at zero percent interest. Further, there will be no annual fees or activation charges. However, a minimal convenience fee would be taken.

Significance of Postpaid Mini

This Postpaid mini service will help new-to-credit citizens in starting their credit journey and develop a financial discipline. It will help in driving consumption in economy. Service would also help users to manage their liquidity by clearing their bills or payments on time.

Instant Credit system

With the help of Postpaid Mini, Paytm will offer access to loans in the range of Rs 250 to Rs 1000. Apart from that, Paytm’s Postpaid mini service will provide a credit of up to Rs 60,000. This facility will help users to pay their monthly expenses such as mobile & DTH recharge, gas cylinder booking, shop on Paytm Mall, electricity & water bills etc.

Where this service can be used?

This service can be used to pay at online and offline merchant stores across India. Paytm Postpaid is currently accepted at thousands of petrol pumps, neighbourhood Kirana stores or pharmacy shops. Paytm Postpaid is available in 550 cities of India.

Month: Current Affairs - July, 2021