Mobile payments and commerce platform Paytm will soon allow customers to repay loans via its platform and has tied up with Manappuram Finance and Muthoot Fincorp with this regard.
The company is all set to enter the financial services business over the next two weeks after scoring a payment bank license and will roll out additional services for benefits of its customers.
Paytm will kick off the service with Gold loan repayment and over time provide customers the facility to renew their insurance policies. SBI General Insurance will be the first insurer to integrate with Paytm’s services.
The online financial transactions sector isn’t well explored in India but with digitisation and the growth of smartphone sales does have a lot of potential.
Paytm has readied a beta team for its financial service arm which will leverage data from the company’s existing businesses to disrupt the finance sector.