Paytm Claims To Hit Record 5 Mn Transactions A Day

by CXOtoday News Desk    Nov 14, 2016

Paytm Though the government’s decision to demonetize the currency of INR 1000 and INR 500 is causing a lot of inconvenience to common people,  the move has brought a big smile on the face of e wallet companies in the country. Paytm, India’s one of the largest mobile payments company and an e-commerce platform, on Sunday said the company touched a record five million transactions per day as against INR 2.5-3 million transactions earlier post ban on the said currencies.

With banks and ATMs unable to meet a high demand for new currency notes, many consumers have turned to mobile wallet services. Not only Paytm, but all the major e wallet companies have seen a tremendous surge in the transaction post the demonetization of INR 1000 and INR 500 notes. Riding on this wave, the mobile wallet major expects to process transactions worth Rs.24,000 crore by the end of this year. 

“Led by unprecedented growth in offline payments, Paytm has touched a record 5 million transactions a day and is on the way to process over Rs.24,000 crore,” Paytm said in a statement.

Also Read: Will Ban On Rs 500, 1K Currency Push Digital Payments?

The company had earlier launched ‘Online-to-Offline’ (O2O) a new payment solution in the country before the introduction of a QR-based payment system. The company has also partnered with a local telecom operator to which people can go and convert their cash into digital money.

Paytm said it has registered a 700 per cent increase in overall traffic and 1,000 per cent growth in the amount of money added to the Paytm accounts over the last couple of days. The number of app downloads went up 300 per cent, while the number of transactions per user went up from 3 transactions to over 18 transactions in a week, Paytm said.

Paytm said the highest increase in usage was seen in Chennai, followed by Ahmedabad, Hyderabad, Kolkata and Bangalore. While overall maximum demand was coming from Delhi, followed by Bangalore, Pune, Hyderabad and Mumbai. Over 850,000 offline merchants across India accept Paytm. 

“This is a historic opportunity for India to skip the plastic generation and leapfrog to mobile payments. We also urge banks to reduce the charges for adding money to wallets and facilitate this shift in consumer behaviour. This will ensure that every merchant, big or small can accept mobile payments,” Nitin Misra, senior vice president – Paytm said.