India’s leading online payment provider, Paytm is all set to launch Paytm Score, its own credit scoring product. It is based on customer transactions and behaviour.
The move is part of Paytm’s entry into the credit segment.
Paytm had recently acquired stakes in online lending startup CreditMate and also collaborated with ICICI bank to launch a virtual credit card.
According to reports, Paytm Score will factor in the customer transactions across the Paytm’s multiple offerings, including wallet, e-commerce, bookings platforms, and will throw up a final score that it is likely to be shared with the company’s lending partners.
Paytm has already started contacting major players in digital lending market in India.
“Data is the new oil, but credit is the driver of scale in commerce. By leveraging its customer data to provide a credit scoring service, Paytm is taking a big step in becoming a credit marketplace – and it should make the service more attractive to users and partners,” said Sanjay Swamy, managing partner, Prime Venture Partners.
Paytm Score is the result of Paytm’s effort to leverage data of their huge customer base.