Saturday, July 13, 2024

Paytm sees strong growth in daily flight ticket bookings with rising demand for domestic and international air travel

One97 Communications Limited that owns the brand Paytm, India’s leading digital payments and financial services company, today announced that there has been a sharp increase in flight ticket bookings through the Paytm app led by a surge in domestic and international travel as travel restrictions ease up globally.

The company shared interesting trends for air travel ticketing through its app. During mid-January to April 2022, Paytm app saw a higher than 50% increase in daily booked customers despite soaring airfares. This is also accompanied by a sharp drop in ticket cancellations, down to 6% currently from 22% in mid-January. In addition, at least 35% of daily ticket bookings on the Paytm app have travel dates beyond 15 days, up from 23% in January, reflecting stronger customer confidence.

The company also saw higher demand for domestic leisure travel during January to April, registering a 150% and 300% increase in flight ticket bookings for popular destinations like Goa and Port Blair, respectively.

With the opening up of global travel since March end, international flight ticket bookings through the Paytm app have also soared, and continue to see a consistent growth of 30% week-on-week. Interestingly, daily bookings for international travel as of May are 4X of the bookings in comparison to the beginning of the year.

As per the flight ticket bookings on the Paytm app, the top three foreign destinations are UAE, Thailand, and Nepal. In fact, the company has recorded a 6X increase in bookings to Bangkok and Phuket since mid-February. Meanwhile, other popular destinations like Singapore, Indonesia, and Malaysia are also witnessing similar demand.

To further enable convenience for customers and cater to the rising demand, Paytm is
offering discounts upto 15% on flight ticket bookings in partnership with major banks like ICICI, HDFC, CITI, HSBC, Bank of Baroda, etc.

Paytm spokesperson said, “We have seen a rapid recovery in flight ticket bookings
with the surge in customer demand for domestic and international travel. To further build on this momentum and also bring convenience to our users, we have many exciting offers and discounts on flight ticket bookings through the Paytm app.”

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