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.
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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.
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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.”
