Fintech platform Paytm is planning to do away with cashbacks and introduce a loyalty programme. With the loyalty programme, the platform aims to bring the entire ecosystem together and enable users to earn, accumulate and redeem any time, anywhere.
Under the new programme, cashbacks will be accumulated as ‘Paytm Loyalty Points’ which users can redeem across online platforms as well as over 5 million Paytm merchants.
The move comes at a time when the Noida-based company has been aggressively trying to drive digital transactions among its users and merchants.
“This will further encourage our users to keep transacting using Paytm, and drive business growth for our merchant partners,” said Paytm SVP Deepak Abbot.
The fintech platform is slated to further enhance its loyalty programme in the coming days by adding new features.
The company is exploring new models, features and partnerships to expand its reach and make loyal customers.
Early December, the fintech platform announced the acquisition of deal platforms Nearbuy and Little together for an undisclosed amount. The payment major said that it had arranged a merger of both companies and picked up a majority stake in the combined entity.
After raising $1.4 billion from Softbank, the fintech platform has been eyeing multiple acquisition and strategic investments. It acquired a majority stake in Mumbai-based online ticketing platform Insider.in in June, this year.
The company also invested an undisclosed amount in mobile loyalty and data analytics firm MobiQuest Mobile Technologies in July.
Paytm was also in talks to acquire travel booking site Via.com. Besides, it is also planning to participate in $200 million strategic investment round in grocery delivery major Bigbasket with Alibaba.