PayTM launched its interest free credit facility called PayTM Postpaid in the end of 2017 in partnership with ICICI Bank. Earlier It was available to ICICI customers only.
Back in December last year the company introduced PayTM Postpaid service to more users. The payment bank launched its own interest free service for users who don’t have account in ICICI Bank.
PayTM was offering the PayTM Postpaid service for some months. Now the company has put the service on hold. PaytM has not given any reason for putting the service on hold. It has been claiming that the service is getting upgraded. However exact reason for putting PayTM Postpaid account on hold was not revealed.
Last week in June, a PIL was filed in Delhi High court against PayTM Postpaid. The PIL claimed that the service offered is illegal. It may happen that due to regulatory issue, PayTM has stopped the Postpaid service.
On checking the PayTM Postpaid feature, the app now shows that the service will resume from July. The notification says that PayTM Postpaid will start from July with new features.
As per PayTM, the upgraded PayTM Postpaid will have following new features:
- Higher Spend Limits
- Flexible Repayment Options
- Acceptability on more merchants
The exact launch date of upgraded PayTM Postpaid is not revealed by the payment bank. It will launch after sorting out the regulatory compliance.