Home Credit India Finance Pvt. Ltd., one of India's fastest growing non-banking financial company (NBFC), has partnered with the country's largest mobile payments and commerce platform Paytm to enable customers to pay their EMIs in an easy, simple and convenient manner. The tie-up with Paytm is in line with Home Credit India's plans of promoting seamless digital payments solutions and cashless transactions and be a partner in government's Digital India programme.
Under the partnership, Home Credit India customers can now repay loan installments safely and securely by either clicking on the Pay EMI link of Home Credit India website or logging on to the Paytm platform. To facilitate a payment via Paytm's gateway while on the Home Credit India website, the customer is required to enter personal details along with the amount to be paid and the loan contract ID. Payments are accepted through debit card, Paytm Wallet and net banking.
Commenting on the partnership, Milan Urbasek, Chief Operations Officer, Home Credit India Finance said, "The payments landscape in India is changing rapidly with the emergence of innovative and latest cashless payment solutions. Spurred by developments in information and communication technology, India is at the cusp of a digital payments revolution. The tie-up with Paytm is a step forward in that direction."
As of July end, nearly 200,000 loan repayment transactions have happened through the Paytm app and gateway.
Over the last few years, the number of digital payments in India has shown a rising trend. According to a report by Niti Aayog, the volume of overall digital payments increased by over 55 per cent in 2016-17 financial year. The retail payments segment accounted for as much as 98% to 99% of the total volume.
Home Credit India has been at the forefront of redefining customer experience through innovative products and services. The company recently launched an innovative and one of its kind online Mini Cash Loan across the country. Targeted at customers who require a small loan to fulfill an urgent need or buy a product that has been on their shopping list, the Mini Cash Loan enables eligible applicants to borrow any amount ranging from Rs. 1,000 to Rs. 10,000. In May, Home Credit India had launched a Mobile App that provides customers access on the go to his/her loan details, repayment schedule and information on the due loan amount.
Home Credit India offers in-store financing (direct non-cash loans in retail outlets) to customers, especially first-time borrowers, planning to buy consumer durable goods such as mobile phones, home appliances, laptop/tablets, electronic goods. It is Home Credit India's endeavor to provide top-of-the-class products, unique service experience and value for money to its customers.