Paytm earmarks Rs 100 crore for marketing campaigns during festive season - Cashback, Buy Now, Pay Later and more

Digital payments and financial services firm Paytm on Monday said it has earmarked Rs 100 crore for marketing campaigns during the ongoing festive season, which include cashback offers, promotion of UPI, postpaid service of 'Buy Now, Pay Later' and wallet businesses.

See Zee Business Live TV Streaming Below:

The company has started 'Paytm Cashback Dhamaka' as part of the marketing campaign for users in all districts of India and with special focus on the states of Gujarat, Maharashtra, Andhra Pradesh, Telangana and Karnataka.

"The company and its partners will allocate Rs 100 crore for marketing activities during the festive season. These campaigns will be aligned to promote digital payments in India and educate users about Paytm UPI for money transfers, Paytm Wallet and Paytm Postpaid (Buy Now, Pay Later) for spends, to drive financial inclusion across the country," Paytm said in a statement. The campaign will continue till November 14.

"During the peak festive season, everyday 10 lucky winners will win Rs 1 lakh each, 10,000 winners will get Rs 100 cashback, while another 10,000 users will win Rs 50 cashback. Closer to Diwali (November 1-3) users can win up to Rs 10 lakh daily," the statement said.

The cashback will be provided on using Paytm for their mobile, broadband DTH recharges, utility bill payments, money transfer, booking travel tickets, paying credit card bills, booking movie tickets, FASTag payments, transactions at online and offline kirana stores etc.

According to the company's draft red herring prospectus filed for IPO, Paytm has reported the highest gross merchandise value of Rs 4.03 lakh crore in the payments industry.

"Our aim is to drive financial inclusion in India by empowering more and more users with digital payments. Today, users come to Paytm for payments of their utility bills, recharges, money transfers among other services. The Paytm Cashback Dhamaka has been launched to celebrate the festive season with our users and offer them exciting cashback and rewards," a company spokesperson said.