Payments firms slash cashbacks, incentives on funding drought
payments pie, have drastically cut down on these spends.
PhonePe, Paytm, Amazon Pay and Cred have all cut down on their overall marketing spends and have reduced the incentives for their customers, data from the last two years show.
Walmart-backed PhonePe, for example, spent only Rs 15 crore on customer incentives in the financial year 2024, down from Rs 950 crore in FY2019, according to its annual report.
Also Read: PhonePe FY24 operating revenue up 74% to Rs 5,064 crore, loss down 29%
Companies attribute this trend to maturing of the country’s consumer payments market with digital payments having become a way of life for a large chunk of Indians.
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