Small instant credit: Paytm seems to be rolling out aggressive moves in the digital payments space. The latest announcement coming out of the e-wallet company is the proposal to extend short-term credit to the Paytm account holders and this will be done with the involvement of ICICI Bank (through the bank’s Postpaid product). “ICICI Bank is tieing up with Paytm to offer short-term instant digital credit,” said Anup Bagchi, executive director, ICICI Bank, announcing the tie-up. The bank said the credit is interest-free for the first 45 days, after which if the money is not repaid, the customer will have to pay Rs 50 towards delayed payment fee and 3 per cent interest.Though the offer is capped at Rs 20,000 per transaction, a customer can avail of the credit facility after clearing the outstanding. If this turns out to be successful, the bank will also extend it to non- ICICI bank customers as well as other large merchants. Paytm-ICICI Bank postpaid is a digital credit account with instant activation as it has no documentation or any branch visit as activation is fully online.
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