Paytm this week, announced the launch of Postpaid Mini, a need-based and consumption-based credit for users to help them manage their household finances.
Paytm this week, announced the launch of Postpaid Mini, a need-based and consumption-based credit for users to help them manage their household finances. This product is an extension of its Buy Now, Pay Later service targeted at users who don’t have a credit score. “The idea behind launching this product is to give an opportunity to a wider section of people to experience credit with smaller ticket size loans and learn fiscal discipline,” Bhavesh Gupta, CEO, Paytm Lending told Financial Express Online.
He added, “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.” Postpaid Mini will offer loans ranging from Rs 250 to Rs 1000 to users to pay their monthly expenses, including mobile & DTH recharges, gas cylinder booking, electricity & water bills, amongst others.
With Postpaid Mini, users will have to repay the loan in a period of 30-days at 0% interest. While there is no annual fees or activation charges, there is a convenience fee for every transaction. The firm has earlier launched Paytm Postpaid’s instant credit of up to Rs 60,000. This service has been launched in partnership with Aditya Birla Finance as a lending partner. Through Paytm Postpaid, users can pay at online and offline merchant stores in over 550 cities in India.