To enable customers to go cashless during special occasions, digital payments and e- commerce company Paytm have launched a digital version of shagun where customers could share cash instantly with each other across the country using this feature.
Within 24 hours of launch, Paytm registered a strong surge in transactions for its Rakhi theme. Three weeks on, the service continues to be widely popular, having registered half a million transactions. Users can also send cash to each other using various other themes wherein Thank You, Lucky You and Best Wishes have emerged as the more popular ones. The company is now branding its gifting solution as Paytm Lifafa in order to bring the more mass appeal.
Deepak Abbot, Senior, Vice President - Paytm said, "Paytm Lifafa offering has gained a lot of traction within a short period of time. We are rebranding it to 'Lifafa', a native word that holds a strong emotional connection and social relevance across generations. This will help in further establishing our payments offering as the go-to platform to send money instantly."
Paytm is committed to supporting a rapid and permanent shift in consumer behavior in favor of digital payments. The company is looking to replace cash by enabling more consumers to experience the power of convenient digital payments on its platform.
To recall, this year in February the company has announced that its user base has crossed 200 million Wallets. Within just three years of launching the Paytm Wallet, the company has reached crossed this milestone, making it the most widely used and accepted payment method in the country.
Paytm's quick and hassle-free payment system has seen it emerging as the preferred method of payment for a wide variety of use-cases ranging from mobile and DTH recharges to electricity & water bill payments to payments in the offline world for milk booths, grocery stores, pharmacies and parking among others. The company's strong set of use-cases and intuitive user interface has triggered mass adoption by both consumers and merchants, creating a network effect across the country and gaining significant volumes in a short time.