Shagun, a decorated envelope filled with gift money is offered at special occasions like weddings, anniversaries and on festivals such as Rakhi, Pongal, Onam, Ganesh Chaturthi, Durga Puja, Diwali, among others.
It has been traditionally gifted to children, relatives, and friends during major occasions. Corporates across India also offer gift money to employees as a token of appreciation during special events and festivals.
This Rakhi, India's largest mobile payments platform, Paytm has launched 'Paytm Postcards' on its platform, a digital version of Shagun to enable customers to go cashless during their special occasions. These postcards can be customized with messages based on the occasion and sent instantly to Paytm users across India.
Deepak Abbot, Senior Vice President - Paytm said, "Individuals from all walks of life including army men, traders and daily wage workers living away from home prefer sending money to their loved ones using our platform.With Paytm Postcards, users will now be able to add an emotional touch to their gifts and spread the joy during special occasions and festivities."
The gifting industry has registered a strong surge over the past decade owing to rising income levels. Today the country's gifting industry is pegged at $40-42 Billion, with several players reporting 20-40 percent annual growth. Paytm wants to establish itself in personal gifting by offering Paytm Postcards as a simple and thoughtful way of offering gift money.