The Delhi-based Mobile wallet giant Paytm has been gaining notable growth from the day of demonetization. Despite the long queues at the ATMs and complicated deposit process in banks, transactions through Paytm appeared like a cakewalk to the common people.
Though there are some negative impacts of demonetization, few ill effects are partly dissolved by preferring mobile wallets.
Paytm revealed its quick growth stating that it has registered over 7 million transactions worth Rs 120 crore in a day after the demonetization. Further added that over 5 million new users registered in Paytm within a period of 10 days after demonetization.
Sudhanshu Gupta, Vice President of Paytm said “From consumers being able to pay for a cup of coffee in metros, to farmers purchasing seeds using Paytm in Kurnool, we are witnessing an exponential increase in adoption of Paytm as a way to pay for both consumers and merchants alike. We are working round-the-clock to ensure we can enable users and merchants to complete everyday transactions seamlessly”.
“With offline transactions now contributing to over 65 per cent of the overall business, the company has also expanded its merchant network by 150,000 additional merchants, this will ensure that consumers have more shops in their neighborhood accepting Paytm than ever before,” the statement added.
“The company is currently doing more transactions than the combined average daily usage of credit and debit cards in India,” the company statement added.
“The company is currently doing more transactions than the combined average daily usage of credit and debit cards in India,” the company statement added.
Paytm even bagged a deal with NHAI on providing the window for accepting toll gate fees.
Following the rapid growth, the company has also added 150,000 merchants to its 10 lakh merchant networks across India that accept digital wallet payments. The company has deployed 4,000 employees to sign up merchants. Paytm claims to add 25,000 merchants daily to its network. The company launched payment solutions for offline merchants in 2015.
Paytm now has a current user base of 150 million.
Paytm’s all-time rival MobiKwik mentioned in a statement that its traffic rate boomed up to 25 times after demonetization.