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Spend now, pay next month: Paytm rolls out Postpaid Credit Line on UPI with Suryoday Bank

IndianStartupNews

IndianStartupNews · 2d ago

Spend now, pay next month: Paytm rolls out Postpaid Credit Line on UPI with Suryoday Bank

Paytm has launched the Paytm Postpaid Credit Line on UPI, allowing users to "spend now and pay next month" with up to 30 days of interest-free credit, in partnership with Suryoday Small Finance Bank. Initially available to select users, this service supports various transactions including merchant UPI QR payments, online transactions, and bill payments. It aims to provide financial flexibility and liquidity without impacting daily expenses, benefiting both consumers and merchants.

Related News

Paytm BNPL Relaunch: Postpaid Returns

StartupTalky

StartupTalky · 4d ago

Paytm BNPL Relaunch: Postpaid Returns

Paytm has relaunched its Buy Now, Pay Later (BNPL) product, Paytm Postpaid, as a credit line on UPI, offering short-term credit under a "Spend Now, Pay Next Month" scheme. Initially paused due to asset quality concerns, the service now targets select users, with a broader rollout planned. The change signifies Paytm's confidence in improved market conditions, as it reports a net profit amid rising demand for credit-on-UPI solutions seen in competitors like PhonePe and Flipkart.

NPCI introduces credit, NFC-based payments to scale UPI service

Economic Times

Economic Times · 2y ago

NPCI introduces credit, NFC-based payments to scale UPI service

The National Payments Corporation of India (NPCI) has introduced several new products and features for its Unified Payments Interface (UPI) network to enhance digital inclusivity. These offerings include a credit line on UPI, UPI Lite X for offline payments, a near-field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI, and conversational bill payments with BillPay Connect. The move comes as NPCI aims to scale the UPI infrastructure to handle 100 billion monthly transactions. The credit line on UPI feature will be initially launched by Paytm, Google Pay, and HDFC PayZapp.

PhonePe Launches Credit Line On UPI, Offering Short-Term Credit For Merchant Payments

Inc42 · 1y ago

PhonePe Launches Credit Line On UPI, Offering Short-Term Credit For Merchant Payments

The Reserve Bank of India (RBI) has expanded the scope of UPI to include pre-approved credit lines, called 'Credit Line on UPI'. This allows consumers and merchants on the PhonePe Payment Gateway to offer an additional payment option at checkout. UPI transactions saw a 3.95% month-on-month increase in July.

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru

Entrackr

Entrackr · 2m ago

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru According to the company, the Slice UPI credit card comes with no joining or annual charges. Users can scan QR codes or make UPI payments to access their credit lines. Fintech company Slice has launched a UPI credit card and opened a UPI-powered physical bank branch in Bengaluru, following its merger with North East Small Finance Bank. The Slice UPI credit card offers up to 3% cashback on all spends and includes a feature called Slice in 3, allowing customers to convert purchases into three interest-free instalments. The newly opened branch in Koramangala includes UPI-integrated services, self-service kiosks, and a UPI-enabled ATM supporting deposits and withdrawals. Customers can also open accounts and access other banking products at the branch. Slice aims to integrate credit more closely with UPI and expand access to users outside the traditional credit ecosystem. Unlike most fintech companies that rely on third-party banking partners, Slice operates as a bank, controlling its infrastructure, including core banking systems and credit underwriting. Slice recently passed a resolution to rebrand North East Small Finance Bank as Slice Small Finance Bank. The merger was completed in October last year. In a media interview, Slice founder Rajan Bajaj said the bank has turned profitable on a monthly basis and the group aims to go public in the next three to four years. The Bengaluru-based company has raised nearly $400 million in funding, including a $220 million Series B round led by Tiger Global and Insight Partners. Tiger Global is the largest stakeholder, followed by Insight Partners.

Paytm's UPI market share dips to 9% in March, lowest in 4 years

Inshorts · 1y ago

Paytm's UPI market share dips to 9% in March, lowest in 4 years

Paytm-parent One97 Communications' UPI market share dipped to 9% in March, its lowest level in the last four years, following RBI's action on Paytm Payments Bank, Moneycontrol reported citing NPCI data. The company processed around 1.2 billion UPI transactions in the month, down from 1.3 billion in February. Meanwhile, the volume count grew for PhonePe and Google Pay in March.

Flipkart’s UPI Hits Record 5 Mn Transactions In March

Inc42 · 1y ago

Flipkart’s UPI Hits Record 5 Mn Transactions In March

In March, Google Pay and PhonePe, two of the leading UPI transaction platforms in India, processed 5 billion transactions worth INR 7 lakh crore and 6.5 billion transactions worth INR 10 lakh crore respectively. Flipkart, backed by Walmart, saw 5 million UPI transactions worth INR 197.24 crore in its first month of launching UPI services. Flipkart's UPI transactions were higher than those of Jio Payments Bank apps and other banking apps, according to NPCI data. The total UPI transactions volume for March was around 13 billion. Google Pay, PhonePe, Paytm, CRED, and Amazon Pay continue to dominate the UPI landscape.

Paytm Slumps 5% To Hit Lower Circuit; UBS Cuts Price Target

Inc42 · 1y ago

Paytm Slumps 5% To Hit Lower Circuit; UBS Cuts Price Target

Paytm's stock faced a downturn following the Reserve Bank of India's (RBI) restrictions on Paytm Payments Bank. Vijay Shekhar Sharma, the company's chairman, resigned, resulting in a 5% drop in Paytm's stock, now trading at INR 406.15. Foreign brokerage UBS has lowered Paytm's target price to INR 510 from INR 650, predicting increased marketing spend to regain lost customers and a potential permanent loss in business in FY25. The RBI's restrictions on Paytm Payments Bank include ceasing deposits, credit transactions, UPI facility, and other banking services.

Google Pay Announces Pan-India Roll Out Of SoundPods Amid Rumblings At Paytm

Inc42 · 1y ago

Google Pay Announces Pan-India Roll Out Of SoundPods Amid Rumblings At Paytm

Google Pay is set to launch SoundPods, an audio device that enables merchants to track QR code payments through audio notifications. The device will compete directly with Paytm's Soundbox. Google Pay has received positive feedback from merchants who participated in the limited pilot of SoundPods. The product will be offered to merchants through a daily subscription plan at INR 5 per day for 25 days a month, or an annual plan for INR 1,499. This move puts Google Pay in line with Paytm, PhonePe, and BharatPe, who have already launched similar devices for merchants. The launch coincides with regulatory troubles for Paytm Payments Bank, which has been barred from conducting deposits or credit transactions until March 15.

Banks wary of UPI credit even as fintech firms make big plans

Economic Times

Economic Times · 1y ago

Banks wary of UPI credit even as fintech firms make big plans

Fintech companies like Freo, Jupiter, and PayU are exploring the possibility of offering credit card-like payment experience for consumers on the Unified Payments Interface (UPI) platform. While fintechs are hopeful about a credit line on UPI, banks are being cautious due to the Reserve Bank of India's warnings about unsecured lending. The activation of a credit line on UPI would allow consumers to use UPI for payments and access the credit line for later payment conversion. However, there are concerns about customers becoming overleveraged and challenges surrounding loan collection.

Paytm holds steady UPI market share for two consecutive months

Entrackr

Entrackr · 1y ago

Paytm holds steady UPI market share for two consecutive months

Showing signs of recovery, Paytm’s QR-based payments, and Soundbox, have retained their market share for two consecutive months in Unified Payments Interface (UPI) ecosystem despite facing restrictions on onboarding new users. Paytm secured over 8% of the overall UPI transaction market in both May and June 2024. In June, the total transactions on the Paytm platform stabilized at 1.1 billion, in line with May’s figures, according to a document seen by Entrackr. Since becoming a Third-Party Application Provider (TPAP) in March, Paytm has managed to maintain its position as the third-largest player by UPI market share after PhonePe and Google Pay, as per the document. In terms of transaction value, Paytm processed Rs 1.2 trillion (Rs 1.2 lakh crore) worth of UPI transactions in June, repeating its performance in May. The company remains amongst the leading players in the peer-to-merchant (P2M) segment due to its extensive merchant network. Despite a slight dip in overall UPI transactions, Paytm has stayed in the fray as the market continues to be dominated by PhonePe and Google. Overall, UPI saw a marginal dip of 1% in total transaction volume to 13.9 billion in June from 14 billion in May. During the period, the transaction value also reduced by a thin margin to Rs 20.07 lakh crore from Rs 20.45 lakh crore. The latest volume and value break up for PhonePe and Google Pay are yet to be disclosed by NPCI. In May, the duo accounted for 48.6% and 37% market share by volume, respectively. Paytm’s UPI is supported by partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. The company also has UPI Lite and Rupay credit card on UPI. As per reports, NPCI is also likely to review the 30% cap on the market share of third party UPI apps such as PhonePe and Google Pay.

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