Noida-based digital payments major Paytm has partnered with lending platform Clix Finance to offer instant digital loans to customers and merchants.
Paytm will offer loans through its products, deferred payment or postpaid and merchant lines, according to an official statement issued today.
The instant loan disbursal will happen with the help of proprietary machine learning models developed by both the companies, the statement added.
“We’ve seen an overwhelming response to Paytm postpaid & merchant lending products,” Nitin Misra, senior vice president of Paytm said. “With this partnership, we aim to bring our credit tested algorithmic lending products to a larger customer & merchant base.”
“We are delighted to have partnered with Paytm, the market leader in payment services across India, and I am confident that together we will co-create many unique and customised products that will work seamlessly to address unmet financial needs of millions of customers,” Pramod Bhasin, founder and chairman of Clix, said.
Recent developments at Paytm
Paytm recently launched its AI-based router engine, which will help merchants achieve higher payment success rate.
In May 2019, it claimed that it was leading the payment gateway industry with over half of the market share. The transactions processed on its payment gateway vertical, it said, were five times more than that of the next biggest player, PayU.
In April, the digital payments unicorn launched the recurring payment facility to allow its customers the option of making timely payments to merchants that run subscription-based businesses.