Paytm Ads launches 'India's Festive Wallet Outlook 2023' report

Paytm Ads launched a report titled ‘India's Festive Wallet Outlook 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 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.

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.”

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.

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