Paytm, India’s largest mobile payment and commerce platform have announced the availability of financing options on two-wheelers booked on its platform. The company has tied up with IndusInd Bank to launch two wheeler financing and plans to add more lenders to provide greater choice to customers.
While booking a two-wheeler on Paytm, customers will have to pay the booking amount and can then avail a loan on the balance amount from the financing partner. As a result, more users can benefit from the wide assortment of two-wheelers available on Paytm’s platform.
At the launch, Krishna Hegde, Vice President – Paytm said, “After establishing our position as a preferred online destination for booking two-wheelers, we are thrilled to offer easy finance options to our customers. This service will add to the comfort of ordering two-wheelers at attractive prices with the vehicle being delivered at your local dealership. With this move, we assist a larger set of customers through the complete automobile purchase journey.”
Commenting on this association, Mr. S.V. Parthasarathy, Senior Executive Vice President & Head – Consumer Finance Division, IndusInd Bank Ltd. said, “This association between IndusInd Bank and Paytm opens a new era that will change the way people transact while buying a two wheeler. This tie-up is yet another digital initiative under the Bank’s theme of Responsive Innovation to offer innovative and unique banking experience to our customers, while keeping the convenience in mind.”
Ritesh Raj Saxena, Head – Savings, Digital & Payments for IndusInd Bank adds, “This joint offering will be followed by digital deposits to retail customers under their Payment Bank and furthers the engagement between the two organisations.”
Paytm is India’s largest mobile payment & commerce platform. With the current user base of more than 130 million, Paytm is on a mission to bring half a billion Indians into the mainstream of the economy using mobile payment, commerce and soon to be launched payment banking services. Consumer brand of India’s leading mobile internet company One97 Communications, Paytm is headquartered in New Delhi NCR. The company’s investors include Ant Financials (Alipay), Alibaba Group, SAIF Partners, Sapphire Venture and Silicon Valley Bank.
About IndusInd Bank
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on June 30, 2016, IndusInd Bank has 1,004 branches, and 1885 ATMs spread across 625 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index. Recently, IndusInd Bank ranked 13th amongst the Top 50 Most Valuable Indian Brands 2015 as per the BrandZ Top 50 rankings powered by WPP and Millward Brown.