Paytm claims record number of transactions after govt’s demonetization move
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New Delhi: Paytm, India’s largest mobile wallet company, said on Monday it witnessed a record number of wallet transactions on Friday and Saturday because of wider cashless payments after the government withdrew Rs500 and Rs1,000 currency notes.
“Paytm has touched a record five million transactions a day (on Friday and Saturday, each) and is on the way to process over Rs24,000 crore (by March 2017), more than any other payment network in the country,” a company statement said.
Since 9 November, the company claims to have registered a 700% increase in overall traffic on the platform and 1000% growth in the value of money added to Paytm accounts. In addition, the average transaction value has increased by 200% and the number of mobile app downloads by 300%.
The Delhi-based company launched payment solutions for offline merchants in 2015. Since then, the company has signed up more than 850,000 entities such as cabs, petrol pumps and restaurants among others across the country to accept digital wallet based payments.
“Owing to the overwhelming response from consumers and merchants alike, we have set bolder targets in merchant acquisition, and are aiming to target five million merchants by the end of the financial year,” said Paytm’s senior vice-president Kira Vasireddy in a statement.
On Friday, One97 Communications Ltd-owned Paytm announced several steps to sign up merchants. Paytm plans to hire over 10,000 agents to expand its offline merchant network, PTI had reported.
Paytm also announced the Nearby product feature on its platform that will allow users to find the nearest merchant to load cash on to their Paytm wallets.