At a time when the entire country is cursing Prime Minister Narendra Modi’s demonetisation policy for creating a severe cash crunch in the country, it’s fair to say that the India’s most popular mobile-wallet, PayTM, is reaping maximum benefits of the scheme.
Modi’s ‘digital India’ dream has turned out to be the greatest boon for PayTM, which added over 5 million users after the announcement about demonetisation was made. And now taking a step further towards widening its reach and strengthening its user base, the e-wallet has announced a new scheme- Each One, Teach One.
As a part of the new scheme, PayTM is encouraging its users to teach their friends, family members, neighbours and nearby shops and service providers how to use PayTM. And in order to motivate its users to teach others, it’s giving out lucrative rewards as well.
While 1 Lakh volunteers will get Certificates of Appreciation by PayTM, the company would award Rs 2,100 each to 10,000 volunteers. Apart from this, the company is also offering other exciting prizes to additional winners. The winners would be selected on the basis of their work on promoting digital payments, generating awareness about PayTM and onboarding merchants for payments through PayTM, and would be awarded in the form of PayTM Cash.
All users performing PayTM transaction between December 1, 2016, and March 31, 2017, are eligible to participate in the scheme and win prizes. The company will be announcing results of this competition in April 2017.
Earlier this month, PayTM added an important security feature to its mobile app. The company launched App password, that would keep the mobile wallet safe even if the users lose or misplace their smartphones. The feature was initially introduced for Android app and the company said that it would introduce this feature for iOS app soon.