Paytm, India’s leading payment service, has announced a new EMI option for its postpaid users. Under the new plan, postpaid users on Paytm can now convert their spending into equal monthly installments (EMI). The new policy would allow customers to purchase any product without thinking much about the budget. The “buy now and pay later” scheme can be used for a wide range of products and services across 5 lakhs stores and websites, the company says.
Speaking about the new feature, Bhavesh Gupta, CEO – Paytm Lending said: “Our postpay service has emerged as an important payment option for our fellow citizens, especially during the holiday season. We are delighted to see that our service is already being used by over 7 million users and we are well on our way to exceeding the milestone of 15 million users by the end of the current financial year. We remain committed to expanding our partnership with all types of business segments across the country and to offering a transparent and flexible payment option to our users. “
So the new Paytm scheme allows Postpaid users to convert their total expenses into bespoke EMI, which can be paid along with nominal interest rates. Users already have options such as UPI, debit card and net banking to pay their postpaid bill, but now they can also take advantage of EMI. “Within the first 7 days of generating the invoice, they have the option to convert the Postpaid invoice into flexible EMI. Postpaid offers a credit limit of up to Rs. 1 lakh, which can be increased with timely repayments. It is offered in partnership with two major NBFCs with an instant line of credit for various payments to Paytm app users, ”the company said in a statement.
Paytm postpay users can purchase groceries, milk and other home essentials from Kirana neighborhood stores, to high-value shopping in popular retail destinations such as Reliance Fresh, Haldiram, Apollo Pharmacy, Croma, Shoppers Stop among others. In exchange they can choose the total EMI account. So, for example, if your total bill is Rs 50,000 and you don’t want to subtract such a large amount from your account, you can choose the EMI option. However, you will also have to pay interest. Whereas if you cancel the full amount using UPI or net banking, you won’t have to pay any additional fees.
“Postpaid is available in three different credit limit plates, namely Lite, Delite and Elite. Postpaid Lite has a limit of up to Rs. 20,000, and is the variant designed for users without a credit score to enjoy the convenience and benefits of instant credit. Delite and Elite offer credit limits of up to Rs. 1.00,000 in monthly expenses with no additional convenience costs, “Paytm said in a statement.
Paytm, India’s leading payment service, has announced a new EMI option for its postpaid users.
- Paytm has announced a new EMI option for its postpaid users.
- Paytm postpay users can now convert their spending into equal monthly installments (EMI).
- The “buy now and pay later” scheme can be used for a wide range of products and services across 5 lakhs shops and websites.