Paytm, Samsung partner for payment at authorised stores

Consumers purchasing Samsung devices from their authorised stores can pay via different payment options offered by Paytm – Paytm UPI, Paytm Wallet, Paytm Postpaid – apart from major debit cards, credit cards, and prepaid cards.

Those opting for Paytm Postpaid, which is offered with financial partners, will get a monthly credit limit of up to Rs 60,000 that can be used to buy products at these authorised stores. The customers can repay the credit through EMIs ls at low-interest rates.

“We continue to drive innovation in the offline payments market and merchants can drive higher customer loyalty with our PoS devices. The partnership with Samsung stores will enable us to further extend the convenience of smart payments to a larger customer base.”

The option to pay using Paytm Postpaid through the PoS devices is expected to benefit the consumers, allowing them to purchase products without worrying about their budget. In addition to Paytm Postpaid, consumers can also opt for low-cost personal loans up to Rs 2 lakh – offered by Paytm’s financial institution partners – to purchase goods.

Earlier in August, Paytm had tied up with Piramal Capital and Housing Finance to expand its merchant loan business to small towns and villages. Paytm said the partnership will enable merchant partners to avail of credit up to Rs 10 lakh, with terms ranging from 6-24 months. The partnership will soon be expanded to include personal loans.

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Further, for the quarter ended June 30, Paytm reported Rs 271 crore in revenues from financial services, primarily on loan distribution. Paytm’s financial services revenue includes wealth and equity trading on Paytm Money, apart from other services.

In Q2FY23, the total number of loans disbursed by Paytm and its partners stood at 8.5 million, amounting to Rs 5,554 crore. Of this, the total value of merchant loans stood at Rs 827 crore.