Paytm Launches Loyalty Program For Kirana Stores
Not much time has passed since Reliance’s Jio Mart has been launched, and other competitors are trying to save their hold on the market. Leading the competition, Paytm launches loyalty program for merchants across the country.
On Tuesday, the digital payment firm announced the launch of its loyalty program for Kirana store merchants. Not just this, the firm has also earmarked around Rs. One hundred crore investments to help the Kirana stores in availing to digital payments through Paytm All-in-One QR.
What Does Paytm Loyalty Program Offer?
As per the company’s statement, the loyalty program will offer reward points to merchants who accept online payments via Paytm wallet, Rupay cards, and UPI based apps. Later the collected points can be redeemed for a voucher. Merchants can buy merchandise from the Paytm for Business apps, such as sound-box and EDC. For now, no limit has been set on the number of reward points earned by a merchant. The reward points will depend on the number of online transactions done through Paytm All-in-One QR.
Talking to the media, Saurabh Sharma, Senior Vice President of Paytm, said, “Our aim is to ensure that accepting digital payments is a rewarding experience for the Kirana stores. The banks charge us a fee to load the wallet, and we will be returning this 1% MDR by doubling the benefits for their business, which includes various financial & business services that they use on our platform.”
The company believes that this new loyalty program will not just encourage the use of digital payments in the country but will also help small businesses and Kirana store owners in times of pandemic.
A Step To Lead in Market
Notably, after Facebook’s billion-dollar investment, PE firm Silver Lake has also picked around a 1% stake in Jio Platforms. And now, Jio Mart is ready to ramp up its operations by taking orders through WhatsApp that boasts of having more than 400 million users in India. This is all set to terrifically affect the market hold of Paytm.
Moreover, as per a report by Reuters, the SoftBank and Alibaba-backed Paytm remains unprofitable and have suffered losses in March.
In such a situation, Paytm is trying its best to strengthen its position. Earlier, in April, too, Paytm Mall announced that it would partner with more than 10,000 Kirana stores, small shops, and businesses to enable hyperlocal deliveries.
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