Paytm launches loyalty programme for kirana stores, invests Rs 100 Cr for digital payments growth
India's fintech giant Paytm on Tuesday announced the launch of its new loyalty programme for kirana stores. The launch is aimed at empowering millions of small businesses in the country.
Paytm said it has set aside Rs 100 crore to invest in providing financial services and marketing tools to encourage kirana stores to accelerate the growth of digital payments through Paytm All-in-One QR during the coronavirus lockdown.
Saurabh Sharma, Senior Vice President of Paytm, said in a statement:
"This new loyalty programme aims at the digital transformation of millions of kirana stores and small businesses across the country in the post COVID-19 world. 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 one percent MDR by doubling the benefits for their business, which includes various financial and business services that they use on our platform. So, in all, it is more beneficial for the merchants to accept Paytm all-in-One QR, which comes with additional benefits."
As part of this new loyalty programme, all merchant partners will be eligible to earn reward points for accepting payments from Paytm Wallet, Rupay Cards, and all UPI-based payment apps. The collected points can be redeemed for a voucher instantly or for purchasing exciting merchandise from the Paytm for Business app, such as sound-box and EDC. The company said there is no limit on the reward points that can be earned by a merchant, and will directly depend upon the total number of transactions done through the Paytm all-in-One QR.
Earlier, in April, Paytm Mall had announced it will be partnering with more than 10,000 kirana stores, small shops, and businesses to enable hyperlocal deliveries. Over the last few weeks, Paytm Mall has been investing in scaling its hyperlocal operations and is offering delivery of grocery and essentials in more than 100 cities across the country, and plans to further scale it in the next few weeks.
Edited by Megha Reddy