Paytm to invest Rs 200 crore in UPI Money Transfers

Digital payments major Paytm is all set to invest Rs 200 crore to promote UPI Money Transfers during the festive season.

"We have launched a new campaign to educate more customers and to inform them about the benefits. During the festive season, Gold is considered to be auspicious and that's why we are offering Paytm Gold to users who are embracing the era of digital payments. We want to make this Diwali more rewarding with offers and more secured payments for millions of users," Deepak Abbot, Sr. Vice President - Paytm said.

The company is offering Rs 100 Crores in Paytm Gold to celebrate the festive spirit with its users and to further accelerate Paytm UPI adoption.

With the wide availability of online services and offline merchant network throughout the country accepting UPI payments, the company aims to achieve 100 million UPI users by the end of December 2018, Paytm added.

Highlights

- Invests Rs. 200 Crores in marketing to increase awareness

- Offers Paytm Gold worth Rs 100 Crores to users

- Registers over 137 Million UPI transactions in Sep'18

- Aims to achieve 100 million UPI users by Dec'18

- Dedicates 10,000-member team to encourage Paytm UPI adoption at offline stores

For those who are not aware, Paytm Mall has announced that it is offering a flat 13 percent discount on the device bringing its price down to Rs. 59,445.

On top of it, the platform is also offering a flat cashback of Rs. 13,500 on the device. The customer can also avail an additional Rs. 2,500 cashback by making their purchase via ICICI Bank Debit or Credit Card, making iPhone 8 effectively available for Rs. 43,444 only - exclusively on Paytm Mall.

Meanwhile, LG Electronics India announces its association with Paytm Mall as the exclusive online partner for LG Q Stylus+.

As a part of the festive offers starting, Paytm Mall has announced a minimum value of Rs. 6,000/- on the exchange of the smartphone along with a Paytm cashback of Rs. 4,000/- bringing the effective price to Rs. 11,990 under this offer.

In addition to this ICICI Bank, Debit and Credit card holders can avail a further 10 percent cash back.

Moreover, offline customers can also avail the Rs. 4,000 benefit on transactions routed through Paytm Mall at select outlets.