Paytm has launched Postpaid Mini, which is an extension of its ‘buy now, pay later’ offer. The idea is to offer credit to the customers who are new to the credit system. Paytm has tied up with Aditya Birla Finance for this scheme.

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Under this scheme, Paytm will offer its customers loans ranging from Rs 250 to Rs 1,000. The Postpaid Mini scheme is for a period of up to 30 days and is offered at zero percent interest. There are no activation or annual fees, instead a convenience fee is applicable. This instant loan is in addition to Paytm’s post-paid instant credit, which has a maximum limit of Rs 60,000.

The concept behind introducing this offer is to give flexibility to users and help them manage their household expenses in the ongoing pandemic. Users can now pay for mobile and direct to home (DTH) recharges, gas cylinder booking, electricity and water bills, shop on Paytm Mall and more using this feature.

Paytm’s postpaid offer is valid in 550 cities across India and users can pay at online and offline merchant stores, including petrol pumps, kirana stores, pharmacy shops, retail stores, and internet applications.

Officials familiar with the IPO from One97 Communications said to Reuters they would be filing a draft prospectus in the coming week to tap nearly $3 billion from the Indian markets. The only other company to have even come close to this number was Coal India in 2010 when it had raised Rs 15,475 crore.

(Edited by : Shoma Bhattacharjee)