Paytm

Updated: Paytm clarifies on Paytm Postpaid shutdown report

Paytm

Update: Hours after Entrackr’s reported the development, Paytm published a blog highlighting that Paytm Postpaid service is active and in use for those who have completed KYC. However, many users with KYC are still unable to avail lending service.

Original post: Paytm’s tryst with consumer lending seems to be coming to an end as the Noida-based company has stopped Paytm Postpaid abruptly. After facing flak about the suspension of the service, Paytm has confirmed that Postpaid service has been entirely discontinued.

The move has come as a surprise because Paytm decided to discontinue the lending business without notifying users. Started in December 2018, Paytm Postpaid allowed users to buy products and services and pay later.

Just like credit cards, the company offered a credit limit of up to Rs 60,000 without any interest.

When team Entrackr tried using the service on the Paytm app, we were informed through a pop up saying – “Paytm Postpaid Services have been disabled now and you will not be able to transact using Postpaid anymore. Please clear your dues immediately to completely close the account at bureau’s end.”

Paytm

Paytm was facing the wrath of the regulator (Reserve Bank of India) for running a lending business. Payments banks license holders aren’t allowed to lend money. Hearing public interest litigation that alleged that Paytm Payments Bank has been flouting regulations, Delhi High Court had asked for responses from both the parties – Paytm and RBI.

Sensing actions from RBI over the lending business, Paytm had recently transferred its loan book to Gurugram-based Clix Capital. The company had partnered with ICICI Bank for its lending service. Paytm has been emphasizing that it’s acting only as a facilitator for the service, and the firm doesn’t lend on its own book.

In past, the company had stopped the chat facility in its much talked about product Inbox in December last year.

Hat tip:

Paytm

Updated: Paytm clarifies on Paytm Postpaid shutdown report

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Below is the bank details:

 
Amount: INR 3,19, 000 (After Adding 18% GST and Deducting 2% TDS)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
Kindly make the payment to confirm your seat for Unicorn trip 2.0. For any other queries/concern: pls drop a email on: [email protected]

Overcome FOMO
with our Daily Newsletter

X