Paytm offers up to 50% cashback in the second edition of '12/12 Festival'

Paytm will hold the second edition of its '12/12 Festival' on December 12 to promote use of digital payments across its five million merchant partners.

The "offline shopping festival" is aimed at driving greater sales for offline merchant partners accepting Paytm, the company said in a statement.

Customers will be offered a variety of deals and cashback of up to 50 per cent on payments made through Paytm, it added.

These 5 million offline merchants include large organised stores, supermarkets, restaurants, pharmacy stores, petrol pumps and milk-booths, among others.

A majority of India's commerce occurs offline in the form of 'in-store' payments across a consumers' trusted network of local and brand stores, Paytm Chief Operating Officer Kiran Vasireddy said.

"True digitisation in India will happen when a large majority of in-store payments move from cash to digital. With our '12/12 festival', we celebrate customers walking into stores where our merchants partners welcome digital payments," Vasireddy added.