Fintech company Paytm has reportedly collaborated with Aditya Birla Finance Ltd. to launch Postpaid Mini. This will be an extension of its ‘Buy Now Pay Later’ service to make the credit system affordable for new users.

The company supposedly commented that through these instant loans, users will attain flexibility and will be able to manage their household expenses during these unprecedented pandemic times.

With Postpaid Mini, Paytm will provide loans from Rs. 250 to Rs. 1000 along with Paytm Postpaid instant credit of around Rs. 60,000. These small-ticket loans will help users in paying their monthly expenses, which include DTH and mobile recharges, electricity and water bills, gas cylinder booking, shopping on Paytm Mall among others.

The Chief Executive Officer of Paytm Lending, Bhavesh Gupta, has reportedly commented that the company wants to assist citizens that are new to the credit system and make them more financially disciplined. Using Postpaid, the company can push consumption in the economy. Paytm’s new Postpaid Mini service will help users in liquidity management by clearing their payments and bills on time, he added.

Along with this, Paytm Postpaid is providing a loan repayment period of 30 days at zero percent interest. In addition, no activation charges or annual fees will be incurred except a minimal convenience fee.

Using Paytm Postpaid, users can pay at offline and online merchant stores across India without worrying about their monthly expenses.

Currently, Paytm Postpaid is accepted at neighborhood kirana stores, pharmacy shops, petrol pumps popular chains like Apollo Pharmacy, Reliance Fresh, internet apps like Firstcry, Myntra, Pharmeasy, etc., and popular retailers like Croma, Shoppers Stop, etc. The service is available across 550 Indian cities.

For the record, Paytm is a digital payment system and fintech company based in Noida. It was founded in 2010 by Vijay Sharma. At present, Paytm is available in 11 Indian languages and provides online services like mobile recharges, travel payments, movie tickets, utility bill payments, and event bookings.

Source credits:

https://www.moneycontrol.com/news/business/paytm-launches-postpaid-mini-to-provide-small-ticket-instant-loans-7125421.html