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Digital financial services platform Paytm has launched Postpaid Mini, an extension of its Buy Now, Pay Later service, to drive affordability amongst those new to credit.
The small-ticket instant loans will give flexibility to users to maintain liquidity during the Covid pandemic. This service has been launched in partnership with Aditya Birla Finance Ltd.
With the launch of Postpaid Mini, the company will offer access to loans ranging from ₹250 to ₹1,000, in addition to Paytm Postpaid’s instant credit of up to ₹60,000. This will enable users to pay for their monthly expenses, including mobile and DTH recharges, gas cylinder booking, electricity and water bills, shop on Paytm Mall and more, according to the company.
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Driving consumption
Bhavesh Gupta, CEO, Paytm Lending, said in a statement: “We want to help new-to-credit citizens start their credit journey and develop 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.”
With this service, Paytm Postpaid is offering a period of up to 30 days for repayment of loans at 0 per cent 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. Paytm Postpaid is currently available in over 550 cities in India.
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