Indian citizens have been facing the tough time for past few years. They are finding it hard to withdraw cash from the account and they have notes they cannot use. On November 8, the Indian government announced demonetization of Rs. 500 and Rs. 1000 notes along with the limitation on transactions. This created a huge currency crisis. It forced people to use online wallets like Paytm.
We all know that Paytm is getting a huge benefit but the current data is surprising. Paytm claims to witness about 7 million daily transactions worth about Rs 120 crore. The company is also doing more transactions than the combined average daily usage of credit and debit cards in India.
“Paytm is registering over 7 million transactions worth Rs 120 crore in a day as millions of consumers and merchants across the country try mobile payments on the payment platform for the first time,” company vice-president Sudhanshu Gupta said.
To boost the wallet usage, Paytm also launched a new feature to help people finding offline merchants accepting Paytm. This also helped the company a lot. As per the claims, Offline transactions now contribute to over 65% of the overall business from 15% about six months ago.
The company also claims that over Over 10 lakh offline merchants across India accept Paytm for payment.
In last 10 days, Paytm has served over 45 million users and added over 5 million new users. Paytm claims to have over 150 million mobile wallet users.
Paytm works on mobile number. So, you can send or receive money just by sharing your mobile number. India has over 1 billion mobile subscribers that shows the potential of this market. Paytm is much easier and quicker than traditional card payments. So, people take more interest in this.
With the increasing usage, Paytm must also think of security seriously. We have already seen various banking frauds in recent months. Now Paytm could be the main target.
Do you use Paytm?
