Amid coronavirus outbreak in the country, more and more people are switching towards digital transactions and contactless payments. Keeping this new trend in mind, Paytm has expanded Paytm Postpaid facility to offline retail outlets and neighbourhood kirana shops. Now, customers can pay via Paytm PostPaid to buy groceries, milk, and other home essentials from local shops. Popular chains including Reliance Fresh, Haldiram, Apollo Pharmacy, Croma, Shoppers Stop have also been added to the list where Paytm Postpaid can be used.
In an addition to that, Paytm users can now now pay bills at Domino’s, Tata Sky, Pepperfry, HungerBox, Patanjali, Spencer’s using Paytm Postpaid facility. Paytm's postpaid service is offered in partnership with two NBFCs with an instant credit line for various payments to Paytm app users.
Paytm Postpaid is offers digital credit to its users where can spend now and pay the next month. Viewing the increasing demand for credit during the ongoing pandemic, Paytm has increased this credit limit up to₹100,000 of monthly spends.
Paytm said the service would provide relief to Paytm users as the increased credit limit and a large set of use-cases will eliminate the need to withdraw cash for meeting monthly household expenses.
How it works:
Initially, select users will be shown a Postpaid icon in the Financial Services section to avail Paytm Postpaid. Customers need to complete their online KYC with Paytm's partner NBFCs. Paytm users need to pay the bill by by the 7th of each month or earlier. The users will have an option to access their passbooks to analyse monthly spends via Paytm app.
India's largest digital payments platform introduced three variants of Postpaid for users — Lite, Delite and Elite. The partner NBFC company will assess the credit profile of the user before offering a Paytm Postpaid option.
Postpaid Lite comes with limits up to₹20,000 and a convenience charge which will be added to the monthly bill. For Postpaid Delite and Elite users, the credit limit will be from Rs. 20,000 to Rs. 1,00,000 in monthly spends with no convenience charges.
"Our Postpaid Lite variant has been designed so that our users without excellent credit scores are also able to avail the convenience & benefits of this service," the company said in a blog. Paytm will not charge any extra cost to activate any Postpaid variants.