Paytm and ICICI Bank Postpaid: Buy Now Pay Later
- 21 November 2017 | 225 Views | By Mint2Save
Irrespective of how rapid the development of our startup ecosystem has been, evolution of Paytm and ICICI Bank would always be an inspirational story to any learning mind.
While ICICI Bank has been declared as one of the few banks that are too big to fail, Paytm has expanded itself from a mere mobile recharge website to a fully fledged payments bank. In this short term of starting the bank, Paytm has garnered 10 million new customers.
Contrastingly to the amazing number, the deposit in this payment bank is just Rs. 3.25/customer. As a result, the next challenge for Paytm is to increase the deposit ratio and there is no other way to do it rather than making people more and more addicted to its services.
Hence, from shopping groceries to buying insurance, Paytm is giving top notch services in all dimensions. In order to get even a more stronger grip on the customer base, Paytm is launching its own micro credit facility.
Yes, this recent announcement, that has taken the world by storm, is the latest collaboration of the Paytm, and the private sector bank ICICI. This collaboration has ushered in a new technology which enables the applicants and the users to get an amazing an interest-free credit. And, all of that through the medium of Paytm-ICICI collaboration!
Also, known by the name of Paytm-ICICI Bank Postpaid, this particular new offer will make sure that the Paytm customers are provided with the instant credit for the different cases such as bill payments, booking movie ticket, flights and much more.
A Step Towards Easy Money Transfer
Nowadays, it is very common for people to lend small and minute amounts of the money to their friends and they ultimately get that back in time too. These types of transactions are solely based on a particular person’s trust and the relationship they share with them.
With friends, the matter of ‘loan’ never comes to mind. This is exactly what the Paytm-ICICI collaboration aims to do: it wants to be that ‘loan trustworthy’ friend of yoursit card. With the help of digital credit providing technologies, this method enables the users to maintain a perfect balance to the lifestyle by providing easy and simple ways to pay the bills, book tickets and flights and other stuff.
The amazing digital app and one of the largest private sector banks of the country have consolidated their assets to create Paytm-ICICI Postpaid. It is one of the first collaboration between a Bank and an e-commerce platform to provide digital credit.
You can think of this method as your friend of provides the access to a short-term credit without the interest. A major portion of the Internet users is floored by the idea of being provided with interest-free credit to help them in their day to day activities such as bill payments and other stuff.
What Exactly Is Paytm-ICICI Bank Postpaid And How It Works?
One of the most important things to know about the latest collaboration of ICICI and Paytm is that how does it exactly work.
See, what the Paytm-ICICI Postpaid does is it enables the user to buy the stuff today and pay the loan later. By setting up a Paytm-ICICI Bank Postpaid account with the help of the Profile section that is present in the Paytm App, you can easily make the whole procedure a simple and easy one. All you have to do is go to the application page and confirm some of the details to make sure that your account in Paytm-ICICI Bank Postpaid is enabled properly in few minutes.
Paytm-ICICI Bank Postpaid option can be selected as a certain option for payment of purchases that a particular platform. We are talking about booking flight tickets, movie tickets, shopping on the Paytm Mall and ever the phone recharges.
As per the details revealed in the press note for the new collaboration offer of Paytm –ICICI Bank Postpaid, the customers are offered a certain account for digital credit that requires no documents or any visits to the bank branch for the activation. The entire process happens online and hence the customers have an easy and efficient way of having interest-free credit. However, there is a certain limit added to the interest.
According to the guidelines, the customers of the offer are provided with the digital loan on the basis of their credit score. Also, the interest-free limit for the loan provided is 45 days to be exact. The limit for the amount of credit ranges from Rs.3, 000 to Rs.10, 000 which is certainly extendable up to a striking Rs.20, 000. This extending depends on the customer’s repayment history, credit score and other similar factors. There is also a quick and easy check-out option available for the Paytm users by taking the assistance of a Paytm Passcode.
Why Should You Apply For Paytm-ICICI Bank Postpaid?
Although Paytm-ICICI Bank Postpaid is considered to be an amazing form of getting digital credit for various purposes, there are certain features of this method that makes it a wonderful solution for the loan-related problems of people. And here are some of the top reasons why you should definitely apply for the Paytm-ICICI Bank Postpaid.
- Pay Later Option: With this particular collaboration of Paytm and ICICI Bank, the users of Paytm are provided with a means to get an instant access to some digital credit with an option to pay for the loan in a month.
- Providing Free Credit: Another amazing feature about the collaboration is that the users are allowed to pay for the credit after 45 days. The credit is absolutely free for 45 days. You can easily make a combined payment the next month and that takes no extra cost as well.
- Faster Transactions: Yes, you can absolutely shop in a faster and more efficient way with the help of Paytm-ICICI Bank Postpaid. Whether it is Net Banking, Credit Card shopping or Debit Card shopping, you can make better and faster transactions with the help of this amazing collaboration.
- Success Rate Of Payment: This method of payments makes it way faster and the success rate is also very high as well. Because you won’t be paying for the order with net banking or the card, the involvement of payment gateway is impossible and hence the success rates have gone drastically high after the collaboration of Paytm-ICICI Bank.
Some More Details About Paytm-ICICI Bank Postpaid
This particular method digital credit will be effective for the ICICI bank customers with the help of Paytm app. However, there is still time for other bank customers to get a shot at this particular collaboration.
After a credit limit for a particular customer has been properly set, the combined bill is prepared from the next month on the first date. The users are supposed to pay that bill within 15 days of the month. The bill payment can be done with the help of the Paytm Wallet, Internet Banking, debit card or any other bank services for making the payments of the dues.
The new algorithm based on big data is the real reason behind the determination of the credit scores of the people. With the help of careful combinations of the digital and the financial behaviour of the customers, it determines the potential and the worthiness of different customers.