Alibaba-backed digital payments unicorn Paytm has registered 3x growth in transactions across offline merchant partner stores during the second edition of its 12/12 festival. Held on December 12, the shopping festival was aimed at driving sales for offline merchant partners accepting Paytm.
As per the company’s official statement, the 12/12 festival contributed to over 1.5x increase in single-day revenue growth for retail brands like Big Bazaar, Pantaloons, Central, Reliance, Digital and Woodland.
Commenting on the feat, Kiran Vasireddy, COO of Paytm said, “Paytm has become a preferred choice for in-store mobile payments in the country. The ‘12.12 Festival’ successfully drove high footfalls and transactions for our millions of offline retail partners through mobile payments. The excitement around this event from both consumers and merchants are overwhelming, and we will continue to strengthen our relationship with the country’s retailer community with many such initiatives.”
According to Vasireddy, the event also saw the participation of local merchants and neighbourhood stores across tier II and tier III cities including Pune, Ahmedabad, Jaipur, Indore, Lucknow, Chandigarh, Coimbatore and Kolkata.
As part of the festival, Paytm and large retail brands conducted joint marketing and promotional activities to create awareness among customers.
The company also worked closely with local merchant partners to help expand their reach and grow their businesses multi-gold. Both organised and unorganised retailers across various categories such as groceries, petrol, FMCG, jewellery, apparels, pharmacy and milk-booths participated in this festival.