Paytm, the popular digital payment application in India, has launched a guaranteed cashback offer to celebrate six years of Digital India mission. The company on Friday said that it has set aside Rs 50 crore for cashbacks on transactions done by merchants and customers through its app.
Now, users will get cashback for every transaction made through Paytm application, the company mentioned. Even the customers paying bliss at the stores by scanning Paytm QR code, will be eligible for a cashback. Last year, the company launched ‘All-in-One QR’ code, which enabled merchants to accept payments from all UPI based apps. So, with the Paytm app, the users can scan any QR code of any UPI app and make the payment.
Paytm has also unveiled a special initiative for merchants using the digital payment application. The merchants with the most number of transactions made through Paytm app, will get certificates and exciting rewards — Soundbox and IoT devices — from Paytm. The IPO bound company will train the merchant on how to use on digitisation. The company plans to start an on-ground activities with merchants across 200 districts. Along with guaranteed cashback, Paytm will also offer its Soundbox at 50% discount through its business application to eligible merchants. The guaranteed cashback will be valid for the next six months.
“India has made significant strides in its Digital India mission, which empowers all with technological advancements. This mission is bound to contribute to the country’s growing economy. We are honoured to be the driver of digital transformation by redefining digital payments in our country. Paytm’s Guaranteed Cashback offer is to recognise the top merchants, who are at the heart of India’s growth and have made Digital India a success," said Vijay Shekhar Sharma, chief executive officer and founder, Paytm.
“Over the last six years, the Digital India mission has grown leaps and bounds to put India on the global innovation map. We are happy to have Paytm and Vijay Shekhar Sharma, who has put their faith in this mission and is a true leader of the Indian entrepreneurial ecosystem. Paytm’s Guaranteed Cashback offer will encourage India’s millions of merchants to trust digital payments and come on the path of innovation and contribute to the cashless economy," said Abhishek Singh, president and chief executive officer, Digital India Mission said.
Paytm has played a key role in the mission and empowered thousands of customers and merchants with quick and easy digital payment system after demonetisation. Over the years, Paytm has built a multi-stack payment architecture which includes Paytm wallet, debit and credit cards, UPI, net banking, Paytm Postpaid among others.
One97 Communications, which owns and operates Paytm, is planning to raise Rs 12,000 crore through a fresh issue of shares in the initial public offering (IPO).