India's largest digital payments company Paytm is looking to expand its footprint to include lending services and credit cards for customers, in a move that threatens to shake up the country's traditional banking sector further.
In an interview with CNBC, Chief Financial Officer Madhur Deora said the launch of its pilot lending program would come within weeks.
"Think of it as a credit card but without the card," Deora said Thursday. "So if you don't have money available to you on your Paytm account, you can still do a transaction and you can just pay us later."
The ambitious push into the lending space is the latest step for a company that has seen its user base triple, since Prime Minister Narendra Modi pulled 86 percent of India's cash from circulation last November.
Demonetization forced the country's unbanked - more than 200 million according to a 2015 PwC report - and millions of offline merchants onto digital payment platforms. Paytm already has 250 million users, and 5 million offline merchants, according to Deora.
The new products would look to build on that by offering interest-free loans in partnership with lending companies, acting as a type of charge card. The company also plans to launch a credit system that would allow users to carry over balances, while paying interest.
"Our ambition is, we want to have wealth management products, which are relevant to the auto rickshaw driver," Deora said.