Noida-based fintech giant Paytm has introduced ‘Paytm Loyalty Points’ that can be accumulated by its users and can be used in all platforms and the offline merchant base of Paytm.
It has also announced that it will add more features to its loyalty programme in the coming few days.
The startup has been actively trying to onboard more and more customers on its digital payments platform. Just like ecommerce companies get traction by offering attractive discounts, fintech platforms offer cashbacks to attract customers and, Paytm has been doing this since its inception. Now, with the newly introduced Loyalty points, it further aims to increase its consumer base in India.
Deepak Abbot, Senior Vice President at Paytm, said, “This will further encourage our users to keep transacting using Paytm, and drive business growth for our merchant partners”
This development comes three days after Paytm announced that its QR feature now allows offline merchants to accept unlimited payments directly to their bank accounts at 0% charge. As part of the announcement, the company also revealed plans tot invest $77.5 Mn (INR 500 Cr) to conduct merchant training and awareness drives.
Ecommerce giants like Flipkart and Amazon are also working on their loyalty programmes. Amazon’s Prime subscription has already seen a considerable amount of success so for. The move by Paytm can be seen as a similar one.
The Loyalty Programmes Circle- An Overview
Loyalty points are not new. Credit and debit card companies, airlines and ecommerce companies have been offering these points for quite some time now. Startups like fresh produce retailer iOrderFresh, online travel company GoIbibo and medicines seller 1MG also have similar programmes in place so as to retain their existing consumers.
Among fintech players, Mobikwik was the first one to introduce its loyalty programme, through which the users get ‘Supercash’. Users can deduct 10% of the accumulated Supercash on every transaction, both online and offline, ensuring some saving on every transaction.
Paytm, which make a $470 Mn (INR 3000 Cr) business in India, has now joined the loyalty points bandwagon as well.
MobiQuest operates in the mobile loyalty and data analytics space. It enables retailers and B2C businesses to acquire, engage, and reward their customers. The investment enabled the sellers of Paytm to design customised multichannel loyalty programmes to increase their consumer base.
Paytm is leaving no stone unturned to digitise payments throughout the country. With the newly launched loyalty scheme, it will further cater to the 200 Mn+ users on its platform.