Digital wallet player Paytmhas partnered with luxury brand distributor Genesis Luxury in India which markets and distributes global luxury and premium brands in the country.
This would allow users to scan the store QR code and pay using the balance on their Paytm wallet. “The essence of Genesis Luxury is in our philosophy that luxury brands are an experience above everything else. Our great mix of designer labels from across the globe combined with a superlative payment experience using Paytm would help us to treat our customers with the most state-ofthe art retail experience ever,” said Sanjay Kapoor, managing director at Genesis Luxury.
Tying up with offline retail stores in the premium segment will help Paytm increase the transaction value and benefit from high ticket purchases by their users.
A similar tie-up was stitched Chinese e-wallet Alipay in November 2016 with luxury and premium retail outlets in US and France to benefit transactions done by Chinese tourists abroad. Alipay is also an investor in Paytm through its holding company Ant Financial, a subsidiary of Alibaba.