Paytm, India’s one of the most used payment service applications has announced a new EMI option for its postpaid users. As per the new plan, the postpaid users on Paytm can now convert their spending into Equated Monthly Installments (EMIs). The new policy would allow customers to buy any product without pondering much about the budget. The “buy now and pay later” scheme can be availed for a wide range of products and services at 5 lakhs shops and websites, the company says.
Talking about the new feature, Bhavesh Gupta, CEO – Paytm Lending said, “Our postpaid service has emerged as an important payment option for our fellow citizens, especially during the festive season. We are humbled to see that our service is already being availed by over 7 million users, and we are on the way to cross the milestone of 15 million users by the end of the current financial year.”
This new scheme lets Postpaid users convert their total spends into tailor-fit EMIs, which can be payable alongside nominal interest rates. Along with the options like UPI, Debit card, and net banking to pay the postpaid bill but now the postpaid users can also avail EMIs. The postpaid users can convert their generated bill to EMI within seven days after the generation of bill. 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 leading NBFCs with an instant credit line for various payments to Paytm app users. Postpaid users on Paytm can buy groceries, milk, and other home essentials from neighborhood Kirana stores to popular retail destinations such as Reliance Fresh, Haldiram, Apollo Pharmacy, Croma, Shoppers Stop, among others. They can, in return to choose the total bill in EMIs. There is a slight internet amount in the EMI scheme. Three slabs of the credit limit, namely Lite, Delite and Elite.are available for Postpaid users. The Delite and Elite offer credit limits up to Rs.1,00,000 in monthly spending with no additional convenience charges.