NEW DELHI Walmart-owned Flipkart said Monday that it has partnered with major fintech Paytm to provide customers with a host of offers and benefits during its holiday sale.
“This partnership will allow millions of Paytm users to conveniently pay through their Paytm Wallet and Paytm UPI while shopping on Flipkart during The Big Billion Days. Additionally, Flipkart customers will enjoy an instant cash back on their Paytm wallets,” said one release.
This partnership is well aligned with Flipkart’s preparation ahead of the next festival, where it sees a huge surge in orders across the country and will further increase acceptance of digital transactions as India continues inland and maintains social distancing. added.
Flipkart will host their annual ‘The Big Billion Days’ sale from October 16-21, while Myntra will hold their ‘Big Fashion Festival’ from October 16-22.
The events will focus on delivering a wide range of products to new and existing consumers, while also providing growth opportunities to MSMEs (Micro, Small and Medium Enterprises) and vendors across the country.
Flipkart rival Amazon.in is expected to announce its on-sale dates later this week. Value-focused e-commerce marketplace Snapdeal had said it will make its first sale in mid-October to coincide with the Navratri holidays. Its next two sales will take place in late October and early November.
Ecommerce companies see a large part of their business coming in during holiday sales and make significant investments ahead of time to increase their capacity to handle the surge in orders. The festive season sees players holding multiple sale events, scheduled around Dussehra and Diwali.
Electronics, fashion, and home furnishings are some of the categories that are in high demand during the holiday season.
A report from RedSeer estimates that this year’s holiday sales are expected to nearly double to $ 7 billion in gross merchandise value (GMV) compared to $ 3.8 billion in the same period last year. .
“Our partnership with Paytm shows our commitment to making digital payment solutions customer-centric and inclusive, democratizing digital payments for everyone. This holiday season, millions of Paytm users across the country will have access to their wallets and UPI on Flipkart “, Flipkart Head – Said Ranjith Boyanapalli, Fintech and Payments Group.
He added that digital payments, including UPI, continue to gain prominence in India and Flipkart believes that digital adoption will help India strengthen economically.
“Flipkart has championed e-commerce in India and together we aim to replace cash on delivery with digital payments through Paytm Wallet and Paytm Bank. Our aim is to empower millions of Indians with innovative solutions that would play a key role in the construction of Atmanirbhar. Bharat, “said Paytm President Madhur Deora.
The statement cited RBI data to state that the total number of digital transactions in India that are processed through any electronic mode (UPI, IMPS, debit and credit cards, etc.) is expected to reach a daily average of 1.5 billion. in the next five years.
Consequently, the net value of digital payments in India will also increase from its current value of ₹5 trillion to ₹15 trillion by 2025, he added.
In a separate statement, Flipkart’s e-tail fashion arm Myntra said that it has collaborated with Max Fashion to bring over 15,000 of the latest styles and designs from the Max Fashion collection to the Myntra platform ahead of its’ Big Fashion Festival ‘.
Myntra is targeting the sweet spot for value-conscious customers in Tier I, II and III cities to strengthen its position as the top fashion destination, according to the statement.
Last month, Flipkart also partnered with Max Fashion to offer an expanded portfolio of clothing and accessories to customers.
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