Paytm has announced that the Paytm Postpaid users can pay their dues in Equated Monthly Instalments (EMIs). According to the company, this will allow users to shop without worrying about their budget. The new facility will be available for purchases in different categories.
With the introduction of this feature, a user can now purchase an item and pay back the sum of its value in instalments. The buy now and pay later (BNPL) facility will be available across five lakh shops and websites says the company. The postpaid users can convert their total spends into customised EMIs, at a nominal interest rate. The credit limit that each users are eligible can go up to 1 lakh.
The service will be available across three different categories, namely – Lite, Delite and Elite. If you pick Postpaid Lite you will have a credit limit of Rs. 20,000 while the other two comes with a higher limit of Rs. 1,00,000 per month. If you are a Delite and Elite user, you will not be charged any convenience fees. And the Lite category is for users who do not have a credit score.
The users will be provided with a monthly bill to help them keep track of their expense. There is an option to convert the Postpaid bill into flexible EMIs within the first seven days of the bill generation. The bill can be paid using various payment methods like UPI, Debit card, and Net banking. Paytm is also planning to integrate Postpaid services with Android POS devices which is available for online payments apps for recharge and bill payments.