Paytm Postpaid Users can now pay back their dues in form of Equated Monthly Installments (EMIs). The service would bring a new element of versatility to the shopping experience of customers, according to Paytm, and is available in various categories.
With this, Paytm aims to allow consumers to buy with little budgetary constraints since they can now pay the sum in instalments back. At more than five lakhs plus shops and websites, the purchase now and pay later (BNPL) facility by Paytm can be used for a broad range of products and services.
The EMI role will enable postpaid users to convert their total expenses at a nominal interest rate into personalized EMIs. According to the firm, the service provides a credit limit of up to Rs. 1 lakh. Meanwhile, Paytm’s, key investor and shareholder Alibaba Apps get banned along with 43 other Chinese Apps by the Government of India, yesterday.
Three separate types of postpaid services are available, namely Lite, Delite and Elite. Postpaid Lite has an upper limit of Rs. 20,000, while Delite and Elite give monthly spending credit limits of up to Rs. 1,00,000.
For the Delite and Elite categories, there is no extra convenience cost. In order to benefit from the ease and advantages of instant credit, the Lite category is for users without a credit score.
“Our postpaid service has emerged as an important payment option for our fellow citizens, especially during the festive season. We are humbled to see that our service is already being availed by over 7 million users, and we are on the way to cross the milestone of 15 million users by the end of the current financial year. We stay committed to expanding our partnership with all kinds of business segments across the country and offering a transparent and flexible payment option to our users.”, said Bhavesh Gupta, CEO- Paytm Lending.
Each month, users will be presented with a single bill to track their spending. Moreover, the bill will be generated within the first seven days, they have the option to convert the postpaid bill to flexible EMIs. Multiple payment mechanisms can be used to pay back the postpaid bill.
Also, Paytm is in planning to merge the postpaid service with Android POS devices from Paytm. For recharges and bill payments on Paytm and online payments on Internet applications, these services are already available.