Mobile wallet platform Paytm has launched its Paytm Postpaid service for select users where they can spend now and pay back the amount later, similar to credit cards. The service allows users to recharge their mobile numbers or DTH connections, book movie tickets and shop on Paytm online marketplace without entering bank or card details and even wallet top-ups.
The Paytm Postpaid service is presently in beta testing phase and is available to select users only. The credit service is being powered by ICICI Bank, according to Paytm.
Paytm Postpaid can be activated via the Paytm mobile application. The service offers users a credit limit of up to Rs 60,000. The consolidated bill of payments made under Paytm Postpaid will be sent to users on the first of every month, followed by payment reminders on 10th and 15th days. The amount spent will have to be paid back by the seventh day without any extra costs or interest. The postpaid account will be deactivated in case of payment default.
The payments via Paytm Postpaid can be completed with one click without any OTP or PIN. In case of cancellation of an order, users can get instant refunds to their accounts. Users can also avail free movie tickets, cashback and other exclusive benefits on using Paytm Postpaid, the e-commerce platform said.
To activate the service, you need to log into the Paytm app and look for the Paytm Postpaid banner or the Profile section. Once you find it, click on the banner and then tap on the ‘Activate My Paytm Postpaid’ button. This will complete the activation process and tell your credit limit.