Paytm touches 5 million transactions
Posted on: 14/Nov/2016 6:02:00 PM
On Sunday, largest mobile payments company and an e-commerce platform, Paytm, said post-demonetisation of Rs.500 and Rs.1000 notes, it has touched a record five million transactions per day as against Rs.2.5-3 million transactions earlier.
In an official statement, the company said, 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. We have 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. 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.
A senior executive at Paytm said, We have set bolder targets in merchant acquisition, and are aiming to target 5 million merchants by the end of the financial year. 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.
