Paytm intends to pay out loans of Rs 1000 crore to MSMEs by March 2021
Paytm has equipped over 17 million retail partners across the country with Paytm All-in-One QR, which enables them to send payments via Paytm wallet, bank accounts (both proprietary and third-party), UPI and Rupay cards directly to their bank accounts to accept 0%. Fee. The company today reaffirmed its commitment to growing MSMEs by expanding safety-free loans of up to Rs. 500,000 at a low interest rate and a unique daily EMI product tailored for micro traders.
Paytm continues to lead the offline payments (P2M) segment with a market share of over 50% by offering all digital payment methods. The recently launched Paytm All-in-One Android POS device has enabled over 2 lakh MSMEs to accept all forms of payment including Paytm Wallet, all UPI based apps, debit and credit cards and most importantly ‘cash’. The Paytm for Business app has also become a growth driver for Kirana businesses as it helps them track payments instantly, navigate past collections, and track bills to their preferred bank accounts. This app is available in 10 regional languages and is used efficiently by retailers in small towns and cities.
The company continues to offer security-free loans as part of the “Merchant Lending Program” in the Paytm for Business app. His algorithm determines the merchant’s creditworthiness based on his daily transactions and comes up with a pre-qualified loan offer. Paytm has digitized the entire process from loan application to approval to disbursement without additional documents in cooperation with NBFCs and banks. The loan repayment is mainly collected from the merchant’s daily settlement with Paytm and there are no prepayment fees for these loans. In the past fiscal year, Paytm has benefited from loans worth Rs. 550 crore from a lakh trading partner.
Bhavesh Gupta, CEO of Paytm Lending, said, “With our instant security-free loans, we are trying to help kirana businesses and other small business owners who have been left behind by the traditional banking sector and do not have easy access to credit and credit. In the future we will particularly focus on EDC dealers and provide a higher loan amount based on their EDC transactions. “
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