Source: Business Insider
The recent decision by the Prime Minister of India regarding the demonetization of the old 500 and 1000 rupee notes have given rise to a cashless economy in the country. Although majority of the small scale businesses haven't been introduced to the cashless economy, reports says that in the very near future India will witness the rise of a complete cash less economy. So in order to promote different modes of the cashless transactions, Paytm and FreeCharge have announced their offers where in the customers get a possibility of getting 100% cashback while shopping from different merchants.
Paytm announced its 12/12 Cash free festivals last Monday. By this, you can pay through your paytm wallet while making an offline purchase in a store where Paytm is accepted and can avail cashback for other online transactions made when making an online purchase. On the other hand, FreeCharge offers a two days cash back sales in which customers can avail upto 100% cashback for two transactions per day where the payment is made through FreeCharge Wallet. The thing which is in common for both the offers is that they have to use their respective online wallets to avail the offers. This is directly promoting the cashless transactions which will help in the evolution of a complete cashless economy.
Paytm says that the offer can be availed while shopping from over 15 lakh offline retailers to win the cash back. It can be used for booking movie tickets, for Sports tickets, Uber rides and many more other areas. While making the announcement, Paytm also unveiled the partners they have tied up with to make this offer a success. The list of partners included Big Bazaar, Pantaloons, Spencer's, Peter England, Allen Solly, Croma, Claire, Lotto, Clarks, Burger King, Pizza Hut, Barista etc.
"The 12/12 Cashfree festival is aimed at celebrating the inclusive power of mobile payments and commerce. It marks our commitment to work closely with the offline merchant community to ensure that the smallest of vendors can accept mobile payments at their stores at zero cost. Going forward, we will continue to celebrate the day as an annual event that salutes the spirit of going cashfree."
- Vijay Shekhar Sharma, Founder CEO of PayTm
FreeCharge on the other hand offers a flat 100% cash back for payments made through FreeCharge wallet. But also says that this offer will be limited for a limited set of merchants.The list of FreeCharge's partners include Foodpanda, Domino's, Swiggy, Zomato, Haldiram's, Mcdonalds, Cafe Coffee Day, Barista; Bookmyshow, Snapdeal, Crossword, Shoppers Stop, Pantaloons etc.
"The holiday season is upon us and we would like to add some cashless FreeCharge cheer to the weekend as well. At FreeCharge are committed to ensure our consumers never run out of reasons to go cashless and what better than a flat 100 percent cashback!"
- Govind Rajan, CEO FreeCharge
