Paytm this week, announced the launch of Postpaid Mini, a want-based and consumption-based credit for customers to assist them handle their household finances. This solution is an extension of its Buy Now, Pay Later service targeted at customers who do not 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 TheSpuzz 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 supply loans ranging from Rs 250 to Rs 1000 to customers to spend their month-to-month expenditures, like mobile & DTH recharges, gas cylinder booking, electrical energy & water bills, amongst other individuals.
With Postpaid Mini, customers will have to repay the loan in a period of 30-days at % interest. While there is no annual costs or activation charges, there is a comfort charge for just about every transaction. The firm has earlier launched Paytm Postpaid’s immediate credit of up to Rs 60,000. This service has been launched in partnership with Aditya Birla Finance as a lending companion. Through Paytm Postpaid, customers can spend at on the net and offline merchant shops in more than 550 cities in India.