Paytm introduces Postpaid Credit Line on UPI in partnership with Suryoday Bank, allowing users to make immediate payments and settle the balance later next month.
Paytm, in partnership with Suryoday Small Finance Bank (SSFB), has launched a new service that offers consumers the flexibility to spend now and pay later, providing up to 30 days of interest-free credit. This innovative offering, known as Paytm Postpaid, is powered by Paytm's secure, real-time payments technology.
The service is designed to provide families and individuals with more flexibility in managing everyday costs, as stated by Avijit Jain, the Chief Operating Officer - Lending at Paytm. According to Jain, Paytm Postpaid aims to provide liquidity without disrupting daily expenses.
To activate Paytm Postpaid, users can follow a simple process through the Paytm app. This includes completing KYC verification, authenticating with Aadhaar, linking their UPI account with Suryoday SFB, and setting up a UPI PIN. Once activated, Paytm Postpaid allows payments at any merchant UPI QR code, as well as online transactions, recharges, bill payments, and bookings on the Paytm app.
The collaboration between Paytm and SSFB reflects a commitment to delivering a seamless and reliable credit experience that combines convenience with responsibility. Vishal Singh, Chief Information Officer and Head Digital Banking at SSFB, expressed that the partnership aims to expand access to secure and responsible credit, empowering consumers with greater flexibility to manage everyday spends.
Initially, the service is being extended to a select base of users, identified by spending patterns, before a wider rollout. Merchants also benefit from universal UPI acceptance and assured instant settlements through the familiar UPI payment flow. This means that merchants can accept Paytm Postpaid payments just as they would with any other UPI transaction, ensuring a seamless and efficient payment process.
Paytm Postpaid offers up to 30 days of interest-free credit, providing consumers with a short-term credit solution that can help manage unexpected expenses or provide additional financial flexibility. The service is part of Paytm's ongoing efforts to innovate and provide solutions that meet the evolving needs of its users.
In conclusion, Paytm Postpaid is a new and exciting offering that combines the convenience of UPI payments with the flexibility of short-term credit. By partnering with SSFB, Paytm is able to offer a reliable and secure credit solution that empowers consumers to manage their finances more effectively.
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