Paytm Postpaid aims to double postpaid service users to 1.5 Cr by March

Digital financial services firm Paytm on Monday said it has acquired around 70 lakh postpaid micro-credit service users and aims to close the current financial year with 1.5 crore 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.

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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 two lakh 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 different slabs of a credit limit, namely Lite, Delite and Elite. While Postpaid Lite comes with a limit of up to Rs 20,000, Delite and Elite offer credit limits from Rs 20,000 to Rs 1,00,000 in monthly spends with no additional convenience charges. Postpaid Lite has been designed so that users without a credit score are also able to avail the convenience and benefits of this service.

(Disclaimer: Additional background information has been added to this PTI copy for context)