(Photo credit should read SAJJAD HUSSAIN/AFP via Getty Images)
Digital financial services firm Paytm on Monday said it has acquired around 7 million Postpaid micro-credit service users and aims to close the current financial year with 15 million customers.
The company is offering Paytm Postpaid service in partnership with two non-banking financial services companies (NBFCs) with an instant credit line for various payments to Paytm app users.
“The company has achieved 7 million users for the Postpaid service and is on its way to registering a total of 15 million users by the end of the current financial year,” Paytm said in a statement.
The financial technology firm said that it is now expanding its partnership with the developer’s community in the company’s new Android mini-app store.
“This will potentially benefit businesses as a consumer will have an additional option to opt for buy now and pay later service. In preparation for the upcoming festive season, Paytm Postpaid is also in the process of integration with over 200,000 Paytm’s Android POS devices powering shoppers to buy on credit and benefitting the retailers across the country,” the statement said.
Paytm said that the Postpaid service is already available for recharges and bill payments on Paytm, online payments on internet apps and also for buying home essentials from kirana stores.
“We aim to expand our services to as many businesses that enable consumers to benefit from the convenience of buying now and pay later,” Paytm Lending CEO Bhavesh Gupta said.
The company offers credit limits in three slabs ranging between Rs 20,000 ($268) to Rs 100,000 per month.