Paytm as all knows, a digital wallet app and ICICI Bank, a private sector bank. They all both came up together to provide interest-feree short-term digital credit to their users. They named it, Paytm-ICICI Bank Postpaid. This new scheme will let Paytm users to get instant credit for various use-cases like bill payments, movie tickets, fight tickets as well as physical goods.
Paytm-ICICI Bank Postpaid scheme will be offered to select ICICI customers via the Paytm app. It will shortly be available to non-ICICI Bank customers using the Paytm app.
Under this offer, customers can get digital credit account with instant activation without documentation or branch visit. All process will be online. Customers will be offered digital credit based on their credit-score and can be offered up to 45 days interest-free credit limit. The credit limit for users will range from Rs. 3,000 to Rs. 10,000 and will be extendable up to Rs. 20,000 depending on the payment history of dues of the customer.
Once the credit limit has been set for a customer, a consolidated bill will be generated on the first day of next month and it has to be paid within 15 days from the bill generation date. Customers are free to use Paytm Wallet, debit card, or Internet banking of any bank to repay their dues.
Announcing the new offer, Anup Bagchi, Executive Director, ICICI Bank said, "We are delighted to launch Paytm-ICICI Bank Postpaid, our first offering in this space in association with Paytm."
Vijay Shekhar Sharma, Founder and CEO Paytm said, "We believe our customers are sincere with their payments and Paytm Postpaid will play a major role in helping them pay for their daily expenses on time. We are happy to launch credit in a digital way to the masses in the form of Paytm Postpaid with ICICI Bank as our first partner."
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