Paytm Postpaid Credit up to Rs 100,000: Here is how to apply for it to avail the benefits

Paytm users will have the option of buying today and paying the bill next month. This will benefit those who prefer digital transactions over cash, which is a large number of people amidst the pandemic.

Amidst the ongoing pandemic, digital payments in all financial sectors rose to new heights. To avoid any human contact due to COVID-19 and safeguard oneself from the spread of the virus, a large number of people were seen switching to the digital payment system.

To help people eliminate the need to withdraw cash, especially for meeting monthly household expenses, Paytm has offered an enhanced credit limit of up to Rs 100,000 under their Postpaid service.

Mostly, Paytm users will have the option of buying/shopping today and paying/clearing the bill next month. Industry experts suggest, this will benefit those who prefer digital transactions over cash, which is a large number of people amidst the pandemic. Not only that, the enhanced credit limit of up to Rs 100,000 will also help people who fall short of cash. Paytm users can use the postpaid service and pay back the full amount next month. One can also convert the postpaid bills/due amount to monthly EMIs. However, note that Paytm will charge a convenience fee ranging from 0 to 4 per cent applicable to the user’s net monthly spending.

The postpaid service will be available to buy groceries, milk, and home essentials. This will be open for both neighborhood Kirana stores along with retail destinations such as Apollo Pharmacy, Croma, Reliance Fresh, Haldiram, Shoppers Stop, etc. Alternatively, one can also use the postpaid service for various bill payments facilities available on the app, along with online payments at Domino’s, Spencer’s, Tata Sky, Pepperfry, HungerBox, Patanjali, etc. Paytm users will also be able to opt for large items such as furniture and consumer electronics, with the enhanced credit limit.

The Paytm Postpaid service is available in 3 variants: Lite, Delite, and Elite. The postpaid ‘Lite’ comes with a monthly limit of up to Rs. 20,000. The convenience fee charged is then added to the monthly bill. Even people without a credit score can apply for this facility. Under the postpaid ‘Delite’ and ‘Elite’, one can opt for credit limits ranging from Rs 20,000 to Rs 100,000 monthly. Paytm claims that there are no convenience charges under the Delite and Elite facility. These users will also get access to all the postpaid features, unlike the ‘Lite’ users.

Here is how you can activate your Paytm Postpaid account:

  • Log in to your Paytm app/account and type ‘Paytm Postpaid’ in the search icon on your home screen.
  • Next, select the ‘My Paytm Postpaid’ icon. You will be asked to click on ‘check your credit score’. Click to proceed.
  • To check your credit score, you will have to confirm your name, contact details, PAN, and date of birth, as registered with your bank.
  • Next, your registered mobile number will be verified with an OTP.
  • After completing the KYC, your service will be activated instantly or you will be put on the waiting list.
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