Paytm going to change Buy Now Pay Later service know updates here
The company is going to make changes in Paytm Buy Now Pay Later service. The company provides personal loans and merchant loans under this, but now Paytm will not give small amount loans. According to the BT report, the company is going to focus the service on larger loans. Which will include large amount of personal and merchant loans. Lakhs of people will be affected by this decision of the company.
When the loan service was started, the company also gave loans for small needs which included daily bill payments, recharge, other small expenses. This service was started in the name of Paytm Postpaid. But now the company is going to stop small loans. Although this will not happen immediately, gradually the company is talking about shifting to larger loan amounts. This means that now Paytm will avoid giving loans for amounts less than Rs 50 thousand.
Nearly 70% of the company's loans provided were for amounts less than Rs 50,000. The reason for this is believed to be industry trend. Recently, the Reserve Bank of India had advised banks and non-banking financial companies (NBFCs) to avoid potentially risky transactions. Due to this, Paytm is also going to start large scale loan practice.
Paytm is also providing the facility to buy gold online. To buy gold online from Paytm app, you have to first go to the search bar and type gold there. After that the option of Paytm Gold will open. Here you can buy gold even for Rs 5. If suppose you buy gold worth Rs 5, then you will have to pay Rs 5 and 3 percent GST.
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