14 August 2015.
The Indian ecommerce websites Paytm and Snapdeal have announced that they have developed a system to judge a person's credit score based on their past online transactions.
The system will be especially for useful for assessing the credit score of young Indians who may not yet have a traditional credit score from their bank due to their age.
Paytm and Snapdeal will be able to assess a person's credit score within 15 seconds, meaning they will know almost immediately whether or not they are eligible for a loan.
A spokesperson from Paytm explained on the new feature, saying: “In the instance when a customer does not have a previous credit history, we will evaluate their mobile phone bill payment for credit worthiness.”
