May be all of you know about the trending Wallet digtal App Paytm. ICICI Bank a private sector bank, Both have merged together to give its Users a Interest-free short team digital credit.
This new Digital Credit System is called Paytm–ICICI Bank postpaid. This offer will let Users get credit for various uses like paying for movies, flight fares, bill payments as well as physical goods.
As per the new Paytm-ICICI Bank Postpaid offer, users can get digital credit account with instant activation with out documentation or bank visit, and that will be online. Users will be offered digital credit based on the credit-score, and can be offered 45 days interest-free credit limit.
This credit limit will range from Rs 3,000- Rs 10,000 and can be extendable to Rs 20,000 based on the repayment history of the customers.
Paytm-ICICI Bank Postpaid will be offered to select ICICI cusotmers via the Paytm App. It will shortly be available to Non- ICICI Customers using the Paytm App. Once the credit limit has been set for a customer, a consolidated bill will be generated first day of every next month. The users must pay within 15 days of the same month to get interest-free credit. Customers can pay their dues by Paytm wallet, Credit/Debit Card or Internet banking.
Explaining how credit score is determined, ICICI Bank explains, “it is based on a new big data based algorithm by ICICI Bank for real-time credit assessment of customers. The algorithm uses an intelligent combination of financial and digital behaviour of the customer including credit bureau check, purchase patterns, frequency of purchase to ascertain the credit – worthiness of a customer within a few seconds.”
Announcing the new offer, Anup Bagchi, Executive Director, ICICI Bank said, “We are delighted to launch Paytm-ICICI Bank Postpaid, our first offering in this space in association with Paytm.”
Vijay Shekhar Sharma, Founder and CEO Paytm said, “We believe our customers are sincere with their payments and Paytm Postpaid will play a major role in helping them pay for their daily expenses on time. We are happy to launch credit in a digital way to the masses in the form of Paytm Postpaid with ICICI Bank as our first partner.”