Consumer comfort with digital transactions grows in festive context: Paytm Ads

According to the report, there is an anticipated surge in spending across categories, with 50 percent of festive shoppers expecting increased expenditures during the season. UPI/wallet transactions, constituting 69 percent of offline payments, are positioned to be the primary payment mode across product categories.

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  • Storyboard18,
 | September 5, 2023 , 5:38 pm
Bhartia and Khandelwal underscore the importance of risk mitigation for traders, urging them to explore alternative payment applications that are compliant with regulatory guidelines. (Image sourced from CNBC)
Bhartia and Khandelwal underscore the importance of risk mitigation for traders, urging them to explore alternative payment applications that are compliant with regulatory guidelines. (Image sourced from CNBC)

One97 Communications Limited that owns Paytm, has unveiled “India’s Festive Wallet Outlook 2023” by Paytm Ads. Based on a survey by Redseer Consulting, this report puts a spotlight on the evolving consumer behaviour, emerging digital payment trends, and advertising opportunities in the festive realm.

With a commitment to catalyse impactful campaigns, Paytm Ads introduces “India’s Festive Wallet Outlook 2023”. India Festive Wallet Outlook 2023 equips advertisers and marketers to navigate the intricate festive landscape strategically. With pragmatic insights, this report guides industry professionals towards shaping successful festive campaigns.

Paytm Ads assumes prominence in the realm of payment platforms enhancing brand visibility. The report highlights that Paytm achieves a threefold increase in brand and product awareness among users, positioning it as a preferred destination for brand discovery and consideration. Beyond transactions, Paytm seamlessly integrates into users’ lives, including bill payments, subscriptions, and digital services. As a hub of brand discovery, Paytm connects users with relevant products, gaining significance during celebratory moments.

Emerging advertising platforms contribute 30 percent to brand and product awareness. Digital ad spending is set to double from FY23 to FY28, with alternate channels surpassing the walled gardens. Moving away from the established digital platforms, new channels have gained substantial user bases, offering marketers viable alternatives.

In an era of digital shifts, “India’s Festive Wallet Outlook 2023” illuminates the preference for mobile payments. With 4 out of 5 consumers opting for this mode during festive shopping, a transformation beckons in advertising strategies.

According to the report, there is an anticipated surge in spending across categories, with 50 percent of festive shoppers expecting increased expenditures during the season. A 12 percent surge in Peer 2 Merchant (P2M) digital payments is projected, indicating a growing consumer comfort with digital transactions in the festive context. UPI/Wallet transactions, constituting 69 percent of offline payments, are positioned to be the primary payment mode across product categories.

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