India-based mobile wallet company Paytm upgraded the credit facility on its app, the latest move by the company to increase the level of advanced financial services offered on its platform.
In its blog, the company announced what it described as a “significant expansion” of the service, partly in response to an increased demand for consumer credit during the ongoing Covid-19 (coronavirus) pandemic.
Users will be able to access increased credit limits with advanced finance available to pay for goods at a wider number of retailers than its previous overdraft facility.
Initially the upgrade will only be available to selected users who, after undertaking a credit assessment through one of Paytm’s two financial services partners, will be offered one of three levels.
The variants all carry different charges and offer credit limits between INR20,000 ($265.09) and INR100,000. Payments are due on or by the seventh of the following month.
Credit can be used in selected local and chain retailers, alongside a range of online stores, either through its own dedicated sales channel Paytm Mall or partner apps. It can also be used to cover the cost of bill payments or fund mobile credit.
The company added during lockdown the increased limit and use cases would “eliminate the need to withdraw cash for meeting monthly household expenses”.
Building on its core mobile payments platform, in recent years the company increased options for enterprises [1] and added a number of advanced financial services [2] to its portfolio.
[1] https://www.mobileworldlive.com/featured-content/money-home-banner/paytm-ups-enterprise-drive-with-new-retail-system/
[2] https://www.mobileworldlive.com/money/news-money/paytm-banking-arm-inks-visa-deal/
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