Thursday, May 7, 2020

Paytm's new loyalty program for kirana stores to double the benefits; sets aside Rs 100 crore for the initiative

Mumbai, May 7, 2020: India’s leading financial services platform Paytm today announced the launch of its new loyalty program for kirana stores that would empower millions of small businesses in the country with a host of benefits. The company has set aside Rs. 100 crores, which would be invested in giving access to financial services and various marketing tools to encourage kirana stores to accelerate the growth of digital payments through Paytm All-in-One QR during the COVID-19 pandemic.

As part of this new loyalty program, 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, EDC, etc. The banks charge fees to load the wallets and Paytm will be returning this 1% MDR charged on wallet transactions through this loyalty program and financial services offering. 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.

Saurabh Sharma, Sr. Vice President - Paytm said, "This new loyalty program aims at the digital transformation of millions of Kirana stores and small businesses across the country in the post COVID 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 1% MDR by doubling the benefits for their business which includes various financial & 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."

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