Paytm Ads launches “India's Festive Wallet Outlook 2023”

The report highlights that payment platforms are emerging as an appealing marketing channel due to their large user bases.

One97 Communications (OCL) that owns the brand Paytm, India’s leading payments and financial services company and the pioneer of QR, mobile payments and Soundbox, today launched a report titled “India's Festive Wallet Outlook 2023” by Paytm Ads at ET Martequity Summit 2023. Based on a survey commissioned through Redseer Consulting, the report highlights the festive spending trends across various categories and the growth of digital spending across payment platforms.

India's Festive Wallet Outlook 2023 states cashless transactions have gained prominence (lower cash-on-delivery transactions) within online sales during festive seasons, with ~75% of consumers opting for digital payment methods for online shopping. Mobile payments are anticipated to emerge as the primary payment method across all product categories during the upcoming festive season.

With a growing consumer preference for mobile transactions, businesses are digitising their payment options. Approximately 60% of all merchants and small-business owners accept e-payments enabled by the rapid deployment of Paytm pioneered QR codes and Soundbox devices as of June 2023.

As per the Redseer survey, Paytm boosts brand awareness threefold among users, outshining other payment platforms. The report highlights Paytm's seamless integration into daily routines for bill payments, subscriptions, and digital services. It has become a vibrant brand discovery and consideration platform, linking users with relevant products during festivities.

Praveen Sharma, SVP, Paytm said, “With almost 75% of consumers opting for mobile payments during festive shopping, it enables marketers to convey messages that deeply connect on an individual level. Paytm has emerged as a dynamic brand discovery platform with its large user base, playing a pivotal role in connecting users with brands and products during this celebratory period. With its advanced targeting and innovative ad formats, Paytm Ads has successfully created meaningful customer interactions along the path to purchase.”

Paytm has facilitated seamless transactions and empowered users to embrace digital spending during festive seasons. The company’s FY23 Gross Merchandise Value (GMV) from Commerce Business, which includes travel, movie, entertainment ticketing, deals and gift vouchers, grew 63% YoY. Total Gross Merchandise Value (GMV) processed through Paytm in the 2022 festive months increased by 40%, along with an 85% rise in transactions. The company’s monthly transacting users for July stood at 9.3 Cr. Paytm witnessed a 31% YoY growth in active users during the last festive season.

The report has profiled success stories of various brands, including MyGlamm and Singapore Tourism Board, that have effectively leveraged Paytm Ads for their marketing campaigns. By harnessing the power of digital transactions, over 400 brands have enhanced engagement, boosted sales, and fostered lasting relationships with their customer base. Paytm Ads has disrupted the conventional offerings of various ad tech platforms through innovative ad solutions and precise targeting, emerging as one of India's leading advertising platforms.