The Silicon Review ^Asia

Indian e-commerce payment system and digital wallet company, Paytm, partners with non-banking company Clix Finance to offer instant digital loans to merchants and customers on its platform, News 18 reported.

“We have seen an overwhelming response to Paytm post-paid and merchant lending products. With this partnership, we aim to bring our credit tested algorithmic lending products to a larger customer and merchant base, said Nitin Misra, Senior Vice President, Paytm.

Over the next few months, Clix and Paytm, according to the report, will introduce several new products to further enhance customer experience and meet customer demand.

“Together, we will co-create many unique and customised products that will work seamlessly to address unmet financial needs of millions of customers,” said Pramod Bhasin, Founder and Chairman, Clix.

There are nearly 60 million MSMEs in India that need to go digital. Alibaba-backed Paytm has over 200 million users in the country, the report added.

Meanwhile, Paytm’s e-commerce arm Paytm Mall announced its collaboration with American multinational e-commerce company eBay, which has acquired 5.5 percent share in Vijay Shekhar Sharma’s Paytm Mall in a move that is expected to create a strong foothold in the domestic e-commerce market for the American company. eBay has already ventured and failed twice to get a significant share in the Indian e-commerce market, Financial Express reported.