ICICI Bank has joined forces with Paytm to launch Paytm-ICICI Bank Postpaid, a digital-credit facility that allows customers to get instant credit for making bill payments, movie tickets and other requirements.
Paytm-ICICI Bank Postpaid is powered by big data based algorithm by ICICI Bank that determines the identify credit – worthiness of customers by using their financial and digital behaviour.
Go deeper with GlobalData
Customers can activate the digital credit account instantly and will not be charged transaction, joining or hidden administration fees.
The facility offers INR3,000 to INR10,000 interest-free credit upto 45 days based on the credit-score of a customer. The limit can be increased up to 20,000 depending on the repayment history. Additionally, Paytm-ICICI Bank Postpaid provides a Paytm Passcode for customers to make a quick checkout.
Initially Paytm-ICICI Bank Postpaid will be made available to select customers of ICICI Bank using the Paytm app and later will be made available to non-ICICI Bank customers via Paytm.
ICICI Bank executive director Anup Bagchi said: “We have combined these two insights to bring out a novel proposition of giving short term credit to people, completely online and instantly.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“In this endeavour, we have leveraged upon Big Data to develop a new algorithm that instantly assesses the credit worthiness of customers using a combination of financial and digital parameters to sanction the credit line instantly.”
