Paytm-ICICI Bank Postpaid: Buy Now Pay Later

16th, Nov 2017 4:20 PM
Rekha Rawat(Ex-Employee)
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Whenever we are in need of money, we ask our close friend to lend some money and return him on next month. These kinds of transaction involve trust factor in it as your friend trust you that you will surely return by next month, so he won’t be having any problem in crediting some money. Such a request by our friend is not considered as a loan and such small funds keep our life going in paying travel, movie ticket, bills, online purchases, shopping, and some other kinds of stuff.

Paytm has come in alliance with ICICI bank, which is the largest private sector bank in India considering the consolidated assets, to make a Paytm-ICICI Bank Postpaid facility. This is the first partnership in India ever where a scheduled commercial bank and a commerce platform combine to avail immediate digital credit.

Paytm says that you can take it as your friend is offering you interest-free small and short-term loan to fulfill your monthly requirements. This initiate will make lakhs of users of Paytm to get an immediate loan for the very first time for day-to-day requirements which can be paying for movie tickets, bill, flights, and any physical goods purchase.

You must be thinking that to open an account for Paytm-ICICI Bank Postpaid, you have to visit any bank branch for documentation, verification, and pay kind of charges. But, there is no such formalities and no transaction and nothing like hidden fees to utilize the offer.

You can avail the one-time credit for 45 days without paying any interest on Paytm. The offered credit amount can be between Rs. 3,000 and Rs. 10,000 and the amount can be varied up to Rs. 20,000 which will completely depend on repayment of credit history. Paytm-ICICI Bank Postpaid makes the checkout procedure quick with enabling Paytm passcode only. This facility on Paytm will be available 24*7 and throughout the year.

In the starting phase, Paytm-ICICI Bank Postpaid will only offer this credit facility to the customers of ICICI bank via Paytm app. But later on, even non-ICICI bank members can avail the scheme benefits using the Paytm app.

As the borrowed amount limit reaches for a user, a unified bill will be generated on the first date of following month. To repay the credit, customers have a various mode of transaction like they can pay using internet banking and debit card of any bank comfortably.