ICICI Bank and Paytm joined forces to launch 'Paytm-ICICI Bank Postpaid,' a new service that makes it possible for customers to take advantage of a "pay later" solution when using the mobile digital wallet.
The new feature exclusively for ICICI Bank customers with a Paytm wallet marks the first time that a large commercial bank is offering loans via a digital payment service. When checking out, consumers have the option to make the most of a "Pay Later" option that will calculate one's credit score on the spot. From there, the size of the loan issued is determined based on the credit score of the customer.
As Paytm founder and CEO Vijay Shekhar Sharma notes: "It’s common for us to ask a trusted friend for money for frequent expenses and promise to pay later. These exchanges are based on trust that you will pay back as soon as you have access to money."