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CIBIL gets a competition, PayTM to launch its credit rating product – PayTM Score
PayTM on the basis of digital transaction will start giving ratings to the users soon
PayTM Score is a product much like CIBIL which will rate the users on the basis of their credit score. PayTM through their own platform which includes PayTM Mall, E-Wallet and ticket booking platform will start judging users on the basis of their digital payments history.
The transactional data will be fed into the system and ratings will be given which can then be shared with the lending agencies who are already on board as partners including Creditmate which PayTM had acquired some months ago.
In November 2017, PayTM had partnered with ICICI Bank and had launched ‘Paytm-ICICI Bank Postpaid’, to offer short-term instant digital credit to customers.
