Paytm Partners With Clix Finance To Offer Immediate, Short-Terms Loans

Paytm – a financial services platform and is currently owned by One97 Communication Limited – has partnered with Clix Finance – an NBFC (non-banking financial company) – to provide immediate digital loans to merchants and customers on Paytm’s platform. As mentioned above, the initiative is aiming at micro, small, medium and self-employed enterprises, which often find difficulties getting a loan from normal banks.

Merchants and customers on Paytm’s platform will receive digital-loans from the platform through “Merchants Lines” and “Deferred Payment or Postpaid” facilities. 

According to a statement from One97 Communication Limited, the new product will apply propriety ML models, which are developed by both companies. The new products will grant millions of merchants and customers on Paytm’s platform the ability to obtain immediate digital loans, which will be convenient for micro, small, and medium enterprises (MSMEs) in India.

Nitin Misra, Paytm’s Senior Vice President, stated that the company had been receiving overwhelming feedback for the new postpaid and merchant lending products. Along with their new partnership with Clix Finance, their target was to bring their tested algorithm lending products to a larger merchant and customer base.

For the next few months, Paytm and Clix will announce several of their new products in order to further improve user experience and to satisfy their customers’ demand. And as stated in a statement by Clix’s CEO – Bhavesh Gupta – Clix partnership with Paytm would be a huge step towards bringing customers’ experience to the next level.

Furthermore, Clix’s Founder and Chairman – Pramod Bhasin – claimed that this partnership between Clix and Paytm would create a unique and customized product that would operate seamlessly to tackle the unmet financial demand of millions merchants and customers.

Currently, there are approximately 60 million MSMEs in India that are in need of going digital. 

In India, the Alibaba-backed Paytm has the number of users of over 200 million.