The company continues to offer collateral-free loans under the 'Merchant Lending Program' in Paytm for Business app. Its algorithm determines the credit-worthiness of the merchant based on his daily transactions and arrives at a pre-qualified loan offering. Loan repayment is primarily collected from the merchant’s daily settlement with Paytm and there are no prepayment charges on these loans.
In recent months, Paytm has invested heavily in driving financial inclusion for merchants across India. The move will be a big boost for SMEs, Kirana merchants, wholesale traders, retailers and freelancers in the quest to accelerate the growth of digital and mobile payments across the country. The total number of merchants who rely on Paytm for payment services has already crossed the 17 million mark.
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