Home Business Paytm Re-Brands Postcard Gifting Service To Lifafa

Paytm Re-Brands Postcard Gifting Service To Lifafa

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Paytm had launched Paytm Postcards during the festival of Raksha Bandhan. The application acted as a digital mode of sending and receiving money as a gift. The idea was novel and great. However, the name got the company involved in a feud. Indian Post asked the digital payments king to stop using the term ‘postcard’ as the usage of the name belonged solely to Indian Post. Paytm decided to re-brand the gifting service to ‘Lifafa’, another popular term in India when it comes to gifting money on occasions.

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Under the Indian Post Office Act, the Indian Post reserves the right to use the term ‘postcard’, according to the Department of Posts. Re-branding the service works out better for the company. Speaking about it, the senior vice-president of Paytm, Deepak Abbot said that the term Lifafa has a strong emotional attachment among the Indian people when it comes to occasions and gifting money. He said that the service has been gaining a lot of traction since its launch and within a small period of time, it is being used by millions of their users.

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Paytm has become one of the major internet-based companies. It is the second most-valued start-up in India, first being Flipkart. Japan’s Soft-Bank recently invested $1.4 billion dollars into the company. This investment by Soft-Bank and the previous backing by Alibaba together have helped Paytm become more than just a digital payments application. The application now includes features that are going to make it a must-have in the future. There were reports of a messaging service being included into the application to rival WhatsApp. The company recently announced another feature that would help its Android-based users to send money to their contacts directly from their phonebook. A digital shop has also been integrated into the application with offers and cashbacks that make the products even more tempting.

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