Paytm is among those rare unicorns in India’s startup ecosystem that have tasted success in practically every field they enter without spreading out too thin. The mobile commerce and payments platform competes with the likes of Snapdeal and Flipkart in retail, while retaining its position as the top mobile wallet and payment solution in India. Paytm’s latest venture is something interesting and has a potential in India, to be very big – small lending. The move, with focus on small and medium enterprises might scare bankers as it should, because there’s every chance for it to be quite disruptive. However, there aren’t many reasons for you to worry, as there are to rejoice.
Paytm’s foray into the industry should and most likely will be a very welcome news to most Indians wanting to be entrepreneurs. Paytm, as it stands right now, is a popular and attractive brand, with a lot of Indian users taking a liking to the company. Some of it can be attributed to the sheer amount of Paytm coupons and offers available online for a variety of services including mobile recharge, DTH, bill payments and bus tickets.
Unlike conventional banks, Paytm’s loans aspire to be very business and entrepreneur friendly. Aiming to make loan disbursements simpler, they are currently looking to process loans within three days. With focus on sellers on their own marketplace, the company expects tremendous growth in the sector in the next few years Living Tired.
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Probably the most attractive part of a loan from Paytm for small businesses and entrepreneurs is that it it does not require collateral. The m-commerce giant has tied up with LendingKart, a credit evaluation and loan platform and will probably continue to use their credit scoring systems. The ease and simplicity of getting financial assistance might let Paytm hit the bull’s eye if small and medium enterprises approve of the service.
One thing that can be expected from Paytm’s enterprise loans is a quicker processing time. Especially with no collateral and simpler systems, the platform has all the potential to take-off unlike anything we’ve seen in the recent past.
At this point, although there is no direct competition to Paytm in this sector, there have been quite a few hints from the lines of Freecharge on their own plans to start something similar. However, it may indeed be too early to come to any conclusion.