Shriram Finance and Paytm are working together to improvise the digital financial services
- IBEF
- July 3, 2023
According to One97 Communications Limited, owners of the brand Paytm, it has partnered with retail non-banking finance company Shriram Finance Limited to offer financial services to its users, including loan products. Through this joint venture, Shriram Finance products would be made available on the digital platform to further expand Paytm's business to credit services as well as drive financial inclusion.
Paytm has improved the credit ecosystem with its technology-driven lending by collaborating with renowned financial institutions to digitally disperse loans. Retail credit demand is expanding quickly in India. With more engagement from rural and semi-urban India, it is only likely to rise. A large portion of this demand will come from a young, technologically savvy population that was raised during the height of mobile phone proliferation and who are at ease of doing their transactions using handheld devices, says the Executive Vice-President, Shriram Finance Limited, Mr. Umesh Revankar.
Merchants on the Paytm network would get a chance to avail loans from Shriram Finance and then it would be extended to consumer loans. The Founder and Chief Executive Officer (CEO), Paytm, Mr. Vijay Shekhar Sharma stated that their commitment to expanding credit distribution gets a boost with the new strategic partner Shriram Finance. Paytm is happy that together they will be able to create offerings to serve small merchant partners and entrepreneurs in India.
Shriram Finance is one of the biggest retail non-banking financial organisations in the nation, managing assets worth US$ 22.54 billion (Rs. 1.85 lakh crore), employing 64,052 people, and operating 2,922 locations.
The President and Chief Operating Officer (COO), Paytm, Mr. Bhavesh Gupta stated that the company is excited to onboard Shriram Finance as their latest marquee partner as they continue to drive the growth momentum in the credit distribution business while remaining focused on digital lending compliance and quality of loans. He further stated that with the strong presence of Shriram Finance especially in southern India, the company strives to boost access to credit by empowering the users across the country with simplified loan distribution.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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