~Samriddhi Singh Mahar
While banks have launched various offers this Diwali, starting from loan discounts on car and home loans to higher interest rates on deposits, they are also providing festive bonuses and promotional campaigns to attract customers and enhance their overall banking experience.
FinTechs are also not missing the race. As they are famous for their innovation they are innovating ways to lure the customers this Diwali.
Paytm
Paytm took to the skies of Noida using drones to create a lightshow. With the combined efforts of the local authorities, they displayed the words ‘Happy Diwali’ and their slogan ‘Paytm Karo’.
The fleet of drones also displayed Diyas and Firecrackers above Paytm’s Noida headquarter. Additionally, the event was attended by Paytm’s CEO Vijay Shekhar Sharma
Messages encouraging people to use Paytm for their Diwali “shagun” were also displayed by the drones.
It also demonstrated how customers can easily link their bank accounts to create a UPI ID on Paytm. The process includes providing a cell phone number, linking to a bank account, and selecting a main account.
Google Pay
Google Pay has introduced two Diwali campaigns to engage and entertain users this festive season.
Google Pay partnered with Zepto, offering cashback vouchers to increase transactions and attract users. Users who add a card on Google Pay receive Rs. 200 cashback on their first mobile tap payment.
Google Pay’s Diwali Laddoos campaign, running from October 16 to October 31, 2024, offered users up to ₹1,001 cashback for completing specific transactions. New and existing users could collect six unique Laddoos by completing eligible transactions like Tap & Pay, Scan & Pay, bill payments, or gifting a Laddoo. Collecting all Laddoos unlocked a cashback scratch card.
BHIM UPI
For every 10 transactions made through BHIM until October 31, a sweet box was sent to a child in need to celebrate Diwali. The offer ran from October 16 to October 31, 2024, supporting children through users’ transactions.
PhonePe
To keep up with the competition, PhonePe launched a special Diwali cashback promotion. From October 29 to November 1, 2024, customers could purchase 24K digital gold and receive cashback rewards.
Offering 24K gold with 99.99% purity from brands like MMTC-PAMP, Caratlane and SafeGold, customers could get up to Rs 2,000 cash back on a minimum spending of Rs 1,500, with a maximum of one usage per user.
ZET
ZET has launched a campaign from October 21 to November 3, 2024, offering over Rs 42,000 in benefits on new credit card activations.
The campaign offers shopping rewards of up to 10% on platforms like Amazon and Flipkart, along with travel and dining perks, as well as OTT subscriptions.
It encourages financial inclusion by offering a credit card with a minimum fixed deposit of Rs 5,000, a 90% credit limit, and up to 7% return on deposits.
The card is free for a lifetime and requires no income proof. It guarantees approval, easing access to credit for users.
This Diwali, major fintechs of India have employed different approaches to engage their users, retain brand loyalty and celebrate the festive season.FinTechs in India are going through a transformative phase and by doing such activities it might help them boost their brand presence and gain customer attraction.
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