Paytm partners with Shriram Finance to Enhance Digital Financial Services

Paytm and Shriram Finance Partnership to Enhance Access to Credit

One97 Communications, the parent company of Paytm, recently announced a strategic partnership with Shriram Finance, a renowned financial services provider. The collaboration aims to empower Paytm users by offering a wide range of financial services, with a particular focus on loan products.

By leveraging Paytm's fintech expertise and Shriram Finance's extensive geographical presence, this alliance intends to boost digital financial services and facilitate credit distribution across the country, especially in rural areas.

Expanding Credit Access to Merchants and Consumers

As part of this partnership, Shriram Finance's diverse portfolio of financial products will be made available on Paytm's digital platform. This will enable merchants on the Paytm network to access loans from Shriram Finance easily.

The collaboration will later extend to include consumer loans, providing a broader scope of financial support to a wider user base.

Umesh Revankar, the Executive Vice Chairman of Shriram Finance, emphasized that the demand for retail credit in India is on the rise, particularly from digitally literate individuals in rural and semi-urban areas. He acknowledged the influence of the mobile phone era and the increasing preference for digital transactions among the younger generation.

With this in mind, the partnership between Paytm and Shriram Finance aims to cater to the evolving needs of these tech-savvy users by offering convenient and accessible loan products.

Strengthening Credit Distribution and Empowering Small Merchants

Vijay Shekhar Sharma, the Founder and CEO of Paytm, expressed his enthusiasm for the collaboration with Shriram Finance, highlighting their joint commitment to expanding credit distribution. The partnership seeks to serve the financial needs of small merchant partners and entrepreneurs across India effectively.

By leveraging Shriram Finance's strong presence, particularly in Southern India, Paytm aims to simplify loan distribution and enhance access to credit for users across the country.

Bhavesh Gupta, the President and COO of Paytm, emphasized the importance of Shriram Finance's extensive network and their established foothold in the financial services sector. With assets under management worth Rs 1,85,683 crore, 2,922 branches, and a significant employee strength of 64,052, Shriram Finance has a well-established reputation in serving over 7 million customers throughout India.

By collaborating with such a trusted partner, Paytm aims to strengthen its position in the market and provide simplified loan distribution services to its vast network of more than 34 million merchants and 92 million monthly transacting users.

Conclusion

The partnership between Paytm and Shriram Finance marks a significant step towards improving access to credit services and expanding digital financial offerings in India.

By combining their expertise and resources, the two brands aim to cater to the evolving financial needs of users, particularly in rural and semi-urban areas.

This collaboration not only strengthens their respective positions in the market but also reinforces their commitment to empowering small merchants and entrepreneurs across the country.