According to Etnownews.com, as India enters the Unlock Plan 1.0, more and more people are going to switch to a contactless mode of payment in order to avoid human contact. Consequently, Paytm has expanded its lending product Postpaid to allow consumers buy groceries, milk, and other essential items from neighbourhood stores or other retail destinations like Reliance Fresh, Haldiram, and Apollo Pharmacy. Besides, the service will enable online payments on platforms such as Domino's, Tata Sky, Pepperfry, Spencer's, HungerBox, Patanjali and many more.
Overall, the Postpaid feature offers digital credit to its users, enabling them to make payments for their monthly expenses in case they are falling short of cash, and then payback Paytm in the following month, without any paperwork or document approval.
To benefit from Paytm's Postpaid consumers should be aware of the following aspects:
There are three versions of the updated Paytm Postpaid offering – Lite, Delite and Elite. The credit limit for Lite will be INR 20,000, while Delite and Elite offer credit limit from INR 20,000 to INR 100,000 with no convenience charge.
To benefit from the Postpaid service the users will have to complete their KYC with the partner NBFC.
The bill repayment will fall due on 7th of the following month and the users should analyse their Paytm Postpaid Passbook regularly to keep a track of their monthly expenses.
Paytm Postpaid facility is extended to the most active users, thus in order to be eligible for a Postpaid account, you must keep using Paytm for most of your payments.
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