Mobile wallet platform Paytm has launched its Paytm Postpaid service for select users where they can spend now and pay back the amount later, similar to credit cards. The service allows users to recharge their mobile numbers or DTH connections, book movie tickets and shop on Paytm online marketplace without entering bank or card details and even wallet top-ups.
The Paytm Postpaid service is presently in beta testing phase and is available to select users only. The credit service is being powered by ICICI Bank, according to Paytm.
Paytm Postpaid can be activated via the Paytm mobile application. The service offers users a credit limit of up to Rs 60,000. The consolidated bill of payments made under Paytm Postpaid will be sent to users on the first of every month, followed by payment reminders on 10th and 15th days. The amount spent will have to be paid back by the seventh day without any extra costs or interest. The postpaid account will be deactivated in case of payment default.