Paytm joining hands with ICICI
ICICI bank and the digital payment startup Paytm today announced a conglomeration beginning between the two. They are jointly planning to launch ‘Paytm-ICICI Bank Postpaid.’ according to them, it is going to be the most seamless way to enjoy digital credit, interest free.
Millions of Paytm customers are going to be able to access instant credit for everyday use-cases. These can range from bill-payments to flight bookings, to even watching movies.
The Paytm-ICICI Bank Postpaid conglomerate is a digital credit account that will activate instantly. There are no hassles or involvement of documentation in the process. The process is completely online, without any transaction or other hidden fee.
The procedure is based on new Big Data Algorithm, which is available at all times, all days.
The Big Data Algorithm takes help of intelligent combinations of financial and online/digital behaviours of the consumers. This will also include the credit bureau check, their previous purchase patterns and the frequency to make purchases. This all will help ascertain the creditworthiness of a consumer in a matter of seconds. Based on this credit score, the bank will offer an interest free credit limit of upto 45 days. This ranges from 3,000 INR to 10,000INR, which can also extend to 20,000 INR.
The Paytm-ICICI Bank Postpaid aims to offer a checkout scheme to consumers linked with the Paytm Passcode.
In the beginning of the conglomerate project, the Paytm-ICICI Bank Postpaid project will provide credit limits to select bank customers only, through the Paytm platform. However, it will available for use to everyone else shortly after.
After setting the credit limit, a customer can access and pay the monthly bill, which will be generated by the 15th day of the month.