Paytm claims 3X growth in payment transactions across offline stores on 12.12 Festival
Financial services platform Paytm has claimed that it registered 3x growth in payment transactions across offline merchant partner stores during the second edition of its ‘12.12 Festival’, which offered special discounts and cashback for payments made at offline stores through Paytm app.
According to a press release from the company, this contributed to over 1.5x increase in a single-day revenue growth for some of the large retail brands which includes Big Bazaar, Pantaloons, Central, Woodland, and Reliance Digital. It claimed that local merchants such as neighbourhood stores across Tier-II and III cities have also witnessed an impressive growth as compared to regular days. However, they did not share exact numbers of sale done on Tuesday.
Delhi, Pune, Ahmedabad, Bangalore, Hyderabad, Jaipur, Indore, Lucknow, Chandigarh, Coimbatore, and Kolkata are some cities where tremendous response for Paytm ’12.12 Festival’ was seen.
To create awareness about this festival among customers, Paytm and large retail brands had done joint marketing and promotional activities through in-store brand advertisements and other BTL activites.
Named like its investor Chinese e-commerce behemoth Alibaba’s annual flagship event Double 11 Sale, which has taken place on November 11 every year since 2009, this is Paytm Mall’s second edition of 12/12. Paytm says this festival will be celebrated every year on December 12.
Both organised and unorganised retailers across categories such as groceries, petrol, FMCG, jewellery, apparels, pharmacy, milk-booths etc. participated in the Festival.
Kiran Vasireddy, COO, Paytm has said in the press statement, “Paytm has become a preferred choice for in-store mobile payments in the country. The ‘12.12 Festival’ successfully drove high footfalls and transactions for millions of offline retail partners through mobile payments. The excitement around this event from both consumers and merchants are overwhelming, and we will continue to strengthen our relationship with the country’s retailer community with many such initiatives.”