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Paytm sets aside Rs 50 crore cashbacks on transactions ahead of IPO

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Ahead of its initial public offering, digital payments firm Paytm has set aside Rs 50 crore for cashbacks on transactions done by merchants and customers through its app.

Commemorating six years of Digital India, the company also plans to conduct on-ground activities in more than 200 districts to train merchants on digitisation and reward them for increased adoption of cashless payments.

"India has made significant strides in its Digital India mission, which empowers all with technological advancements. This mission is bound to contribute to the country's growing economy. Paytm's guaranteed cashback offer is to recognise the top merchants, who are at the heart of India's growth and have made Digital India a success," Paytm Founder and CEO Vijay Shekhar Sharma said.

The merchants with the most number of transactions made through Paytm app before Diwali would also be offered free Soundbox and IoT devices besides cashbacks.

Launched on July 1, 2015 by Prime Minister Narendra Modi, the Digital India initiative is aimed at transforming India into a digitally empowered society and knowledge economy.


Dwaipayan Bhattacharjee
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