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Digital payment bank Paytm has partnered with ICICI Bank the largest private bank by assets to jointly launch 'Paytm-ICICI Bank Postpaid'.
Under this offer will enable millions of Paytm customers to get access to instant credit for the first time for everyday use-cases ranging from movies to bill payments to flights to physical goods.
Vijay Shekhar Sharma, Founder & CEO - Paytm said, "We believe our customers are sincere with their payments and Paytm Postpaid will play a major role in helping them pay for their daily expenses on time. This will democratize access to credit including those with less disposable income. We are happy to launch credit in a digital way to the masses in the form of Paytm Postpaid with ICICI Bank as our first partner."
It is a digital credit account with instant activation: with no hassles of documentation or branch visit, while activation is fully online. There is no transaction, joining or hidden administration fees either.
This will be available 24x7 and on all days, it is based on a new Big Data-based algorithm by ICICI Bank for real-time credit assessment of customers.
Based on the credit score of the customer, the bank offers up to 45 days interest-free credit limit. It ranges from Rs 3,000 to Rs 10,000, extendable up to Rs 20,000 based on the repayment history. Paytm-ICICI Bank Postpaid will also offer a quick checkout to customers with the Paytm Passcode.
As a start, Paytm-ICICI Bank Postpaid will offer the credit limit to select customers of the bank using the Paytm app. It will shortly be available to non-ICICI Bank customers using the Paytm app.
Once the credit limit is set up for a customer, a consolidated bill is generated on the first day of the next month, which has to be paid by the 15th day of the same month. Customers can use their Paytm Wallet, debit card or internet banking of any bank for an easy repayment of their dues.
"We are now witnessing two distinct new trends: One, many customers-who are new-to-credit and therefore, do not have a credit history-- are looking for short-term credit. Two, millions of young Indians are now buying products online. We have combined these two insights to bring out a novel proposition of giving short-term credit to people," said Anup Bagchi, ED, ICICI Bank.