Paytm and ICICI Bank partner for instant digital credit solution

The service will be available for CICI Bank customers who own a Paytm wallet, but the bank plans to expand the service to non-ICICI customers as well and to try other payment gateways. 

Users can request up to 45 days interest-free credit on their Paytm wallets, after which they will have  to pay a 3% charge 5until the loan is paid back. Consumers can use Paytm-ICICI Bank Postpaid to pay for movies, flights, buses, utilities, and all other transactions on Paytm. 

While checking out, customers will see a ‘Pay Later’ option, and on clicking it, their credit score would be calculated instantly. ICICI Bank will arrive at the credit score based on behavioral data from Paytm, the bank’s own customer data, and financial data from the Credit Bureau. The amount of loan issued would depend on the cumulative credit score of the customer.