Earlier this month, Paytm introduced a new service called Postcard to its app that allowed users to send money to their contacts along with customised postcards. Now, the company has decided to rename the service to 'Lifafa' in order to bring mass appeal to the product. For those who are unaware, Lifafa means envelope in Hindi and can therefore be directly associated with the mail service as well.
The company said that within 24 hours of the Postcard service's launch, Paytm registered a strong surge in transactions for its Rakhi theme. Now that three weeks have passed, the company says that the service is continuing to be widely popular, and has already registered half a million transactions.
Deepak Abbot, senior vice president at Paytm, said, "Paytm Lifafa [Postcard] offering has gained a lot of traction within a short period of time. We are rebranding it to 'Lifafa', a native word that holds a strong emotional connect and social relevance across generations. This will help in further establishing our payments offering as the go-to platform to send money instantly."
To recall, the Paytm app's version 5.10.0 update on Android and version 5.11.3 update on iOS brought along the ability to send Postcards to other users. In order to send postcards, users need to open the Paytm app and tap on the Postcards option from the home screen. Users need to then choose the Send a Postcard option and either enter the mobile number directly or choose the contact.
Then, Paytm users need to enter the amount that they want to send to their contacts and write a personalised text message of their choice. Finally, they can choose the design for their postcard from the provided choices and their postcard gets ready to be sent. Notably, users will get the refund for the entire amount if their contact does not accept the postcard within 10 days.
Disclosure: Paytm's parent company One97 is an investor in Gadgets 360.