Paytm Digitalizes ‘Shagun’ For Indians; Launches Paytm Postcard To Gift Money
Is the 'Sahgun' finally digitalized?
There are tons of rituals and traditions within Indian culture, which dates back to thousands of years. Gifting money to close relatives, also called ‘Shagun’ is one such age old tradition, which is still maintained.
Be it marriage, birthday, housewarming ceremony or simply visit by relatives, money is gifted in small packets, often red coloured, and blessings exchanged.
As per ballpark figures, the business of gifting money in the form of Shagun is estimated to be worth $40-42 billion in India, and Paytm has decided to digitalize the whole process.
Yesterday, on the auspicious occasion of Rakshabandhan, Paytm has launched ‘Postcard’, which is the new, digital way of gifting money to relatives.
On several levels, this new feature resembles the ‘Red Envelope’ feature introduced by WeChat in China, something which changed everything related to mobile payments in that country.
We will soon explain how Paytm Postcard is similar to Red Envelope, but before that, let us understand how it works.
Paytm Postcard: This Is How You Can Gift Money
In the newer, updated version of Paytm, the feature of Postcard is neatly embedded in the home-screen, and can be accessed without swiping the screen.
Once you select the option, you will will greeted with a screen which asks to whom you want to send the money as a gift to. Besides, you can also select the ‘theme’ of the gift, such as ‘Rakhi’, Birthday, or simple Good Luck wish.
During the launch, Deepak Abbot, Senior Vice-President – Paytm said, “Individuals from all walks of life including army men, traders and daily wage workers living away from home prefer sending money to their loved ones using our platform.With Paytm Postcards, users will now be able to add an emotional touch to their gifts and spread the joy during special occasions and festivities.”
Paytm Postcard Inspired By Red Envelope From WeChat?
During Chinese New Year last year, over 8 billion Red Envelopes were sent on China’s #1 messenger WeChat.
Red Envelope is almost same as the concept of Shagun in India – it is thousands of years old tradition in China to gift money to close relatives and friends in red envelopes.
WeChat introduced ‘Red Envelope’ feature in their app, wherein users can gift money to their relatives, the same way they can gift in real life.
Introduced in 2014, WeChat’s Red Envelope feature is often described as the catalyst, which inspired Chinese to adopt mobile payments; and maybe this is the reason that in 2015, China overtook US in terms of mobile payments sent and received ($235 billion).
Can something similar happen with Paytm and Paytm Postcard as well?
Do let us know by commenting right here!