Paytm has announced its collaboration with ICICI Bank to launch Paytm-ICICI Bank Postpaid, the way to access short-term digital credit.

Now millions of Paytm users will get access to the instant credit for everyday use, ranging from bill payments to movies to physical goods to flights.

This joint launch is a digital credit account with the instant activation. There is no need of any documentation or branch visit, as activation is fully online. And there is no joining, transaction or any hidden administration fees.

It is based on a new based algorithm by ICICI Bank for the real time credit assessment of users. and it is available 24×7 on all days.

The algorithm is a combination of digital and financial behaviour of the customer includes purchase patterns, credit bureau check, worthiness of a customer in a few seconds. It is based on the credit score of the customer, bank offers upto 45-days interest free credit limit.

From the range of Rs. 3,000 – Rs 10,000, and extendable upto Rs 20,000. “Paytm-ICICI Bank Postpaid” will offer a quick checkout to the customers with Paytm Passcode.

“Paytm-ICICI Bank Postpaid” offer the credit limit to the selected customers using the Paytm app. It will also available to ICICI Bank customers who is using the Paytm app.

Once the limit is set up, a consolidated bill will generate on first day of the next month. The bill has to be paid by 15th day of the same month.

The customers can also use their Paytm Wallet, internet banking or debit card of any bank for easy repayment of their dues.

Anup Bagchi, Executive Director of ICICI Bank said that, “We have leveraged upon the Big Data to develop new algorithm which instantly check the credit worthiness of customers with a combination of digital and financial parameters.

Vijay Shekhar Sharma, Founder and CEO of Paytm says that, “We believe our users are sincere and Paytm-ICICI Bank Postpaid will play a major role for them. It will help them to pay for the daily expenses.”

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