Paytm today announced that the users of its postpaid service can now convert their spends into Equated Monthly Installments (EMIs). With this, the company aims to enable the consumers to purchase essentials without any budget constraints and pay back the amount in easy installments, thereby adding another level of flexibility to their shopping process.
The users can avail of Paytm’s buy now and pay later facility for a wide range of products and services at more than 5 lakh plus shops and websites.
The feature of Bill EMI enables Postpaid users to convert their total spends into EMIs, payable alongside nominal interest rates. Multiple payment options like UPI, Debit card, and Net banking, are already available to repay the Postpaid bill. Every month, users will be provided a single bill to track all their spends through Postpaid.
Within the first 7 days of the bill being generated, they have the option to convert the Postpaid bill into flexible EMIs. Postpaid offers a credit limit of up to Rs. 1 lakh, which can be increased with timely repayments as per Paytm. It is offered in partnership with two leading NBFCs with an instant credit line for various payments to Paytm App users.
Paytm says that the postpaid service is accessible throughout a wide range of retail spaces which include daily purchases of groceries, milk, other home essentials from neighbourhood Kirana stores, high value shopping at popular retail destinations such as Reliance Fresh, Haldiram, Apollo Pharmacy, Croma, Shoppers Stop among others.
Postpaid is available in three different slabs of credit limit, namely Lite, Delite and Elite. Postpaid Lite comes with a limit of up to Rs. 20,000, and is the variant designed for users without a credit score to avail the convenience & benefits of instant credit. Delite and Elite offer credit limits upto Rs 1,00,000 in monthly spends with no additional convenience charges.
Paytm Postpaid is also in the process of integration with over 2 lakh Paytm’s Android POS devices powering shoppers to buy on credit and benefitting the retailers across the country. This service is already available for recharges & bill payments on Paytm, online payments on internet apps and also for buying home essentials from kirana stores.