Loyalty Scheme By Paytm

The fintech giant Paytm is again in the news after it has introduced ‘Paytm Loyalty Points’ that can be collected by its users and can be redeemed on all platforms and the offline merchant base of Paytm.

The company has confirmed that it will add more features to its newly launched loyalty programme in the coming few days.

The startup has been aggressively trying to lure and onboard more and more customers on its digital payments platform. Just like ecommerce giants get traction from customers by offering lucrative discounts, fintech platforms offer amazing cashbacks to attract customers and, Paytm has been doing this since its inception. Now that the newly introduced Loyalty program is here, it further aims to increase its consumer base many folds in India.

Deepak Abbot, Senior Vice President at Paytm, mentioned during his interview, “The new Loyalty Scheme by Paytm will further encourage our users to keep transacting using Paytm, and drive business growth for our merchant partners”

This new Loyalty program came three days after Paytm announced that its QR feature now allows offline merchants working with the brand to accept unlimited payments directly to their bank accounts at 0% charge. The company also disclosed plans to invest $77.5 Mn (INR 500 Cr) to conduct merchant training and awareness drives pan India.

If news are to be believed other ec-ommerce giants like Flipkart and Amazon are also working on their loyalty programmes to attract and retain customers.

The Loyalty Programmes Circle – An Overview

Loyalty points are not new in the business. Companies operating in industries like credit and debit card brands, airlines and ecommerce companies have been offering loyalty and referral points to its customers and prospects for quite some time now. Startups like online travel company GoIbibo, fresh produce retailer iOrderFresh and medicines seller 1MG also have similar programmes to retain their existing consumers.

Among fintech players, Mobikwik was the first brand to launch its loyalty programme, through which the users can earn ‘Supercash’. Users can deduct 10% of the Supercash from their Mobikwik account on every transaction they make, both online and offline, ensuring some saving on every transaction by the brand.

Earlier in July 2017, a startup called MobiQuest Mobile Technologies got a considerable amount of funding from Paytm. The investment was concentrated majorly on MobiQuest’s loyalty platform m’loyal.

MobiQuest operates in the mobile loyalty and data analytics domain. It enables retailers and B2C businesses to acquire, engage, and reward their customers. The investment enabled the sellers of Paytm to design and develop customised multichannel loyalty programmes to increase their target consumer base.

Paytm is working hard to digitise payments throughout the nation. As a result of the new loyalty scheme by Paytm, it will further cater to the 200 Mn+ users on its platform.