Indian Digital wallet company Paytm to launch Paytm Pay later in collaboration with ICICI bank and credit upto 20,000 Paytm cash to ICICI Paytm users.Paytm has partnered with ICICI Bank to launch Paytm Pay later option to users from ICICI Bank Postpaid that will offer customers instant digital credit ranging from Rs 3,000 Paytm cash to Rs 10,000 Paytm cash, and is extendable up to Rs 20,000 Paytm cash. Paytm Pay later option is yet to be updated and is available only to ICICI Bank customers who own a Paytm wallet.While checking out, customers will see a ‘Pay Later’ option, and on clicking it, their credit score would be calculated instantly. ICICI bank is planning to roll out Paytm Pay later option to non-ICICI customers as well. Read about One plus 5T review
ICICI Bank will arrive at the credit score based on behavioral data, the bank’s own customer data, and financial data from the Credit Bureau. The amount of loan issued would depend on the cumulative credit score of the customer.This is the first time that a large commercial bank is offering loans through a digital payment service. Users can avail up to 45 days interest-free credit on their P-wallets, following which a 3 percent charge would be levied until the payment is done. ICICI Bank Postpaid can be utilized to pay for movies, flights, buses, utilities, and all other transactions using Paytm Pay later and get assured paytm cash back.
With Paytm Pay later option there are no transaction, joining or hidden administration fees involved in this offering. And users wouldn’t require any separate documentation to avail the feature. The loan is available 24×7 on all days of the year. Once the credit limit is set, a consolidated bill will be generated on the first day of the next month. That bill has to be cleared by the 15th of that month. Customers can use their Paytm wallet or debit card or internet banking (of any bank) for repayment of the loan after using Paytm Pay later option.
Paytm Pay later option is a great opportunity to push transactions across its verticals from movie and travel bookings to purchases. Paytm Pay later option also democratizes credit and puts them in the hands of those with less disposable incomes. “It’s common for us to ask a trusted friend for money for frequent expenses and promise to pay later. These exchanges are based on trust that you will pay back as soon as you have access to money… Paytm Postpaid will play a major role in helping customers pay for their daily expenses on time,” Vijay Shekhar Sharma, Founder & CEO – Paytm, stated. Follow us on facebook
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