India’s largest mobile payment and commerce platform, Paytm is registering massive growth across India within hours of the Honorable Prime Minister Narendra Modi announcing his plans to have a corruption-free India.
The Paytm platform saw an overwhelming 435 per cent increase in overall traffic as millions of consumers across India took to using their Paytm Wallets to transact offline.
Within hours of the Prime Minister’s announcement, the company has registered a 200 per cent hike in number of app downloads and 250 per cent surge in number of overall transactions and transaction value. The number of Saved Cards also grew by 30%, pointing at a strong set of repeat customers the platform has now acquired.
The company has noted 1000 per cent growth in money added to the wallet and 400 per cent growth in transaction value of offline payments. This is a great showcase of how fast consumers across the country are taking to the ease, convenience and safety Paytm’s cashless payments offer.
CFO – Paytm, Madhur Deora, said, “This is the biggest and most ambitious step ever to crack down on black money and fake currency. We stand by the government in its efforts towards taking black money out of the equation and offering a major boost to the Indian economy. Since Paytm is fast becoming synonymous to all kinds of payments, we are happy to announce we have registered a strong surge in volume on our platform.”
Paytm’s cashless payments are widely accepted across India owing to the ease, convenience and safety they offer. Brick-and-mortar merchants and other Online-to-Offline sectors present a huge opportunity for the company to integrate its fast, secure and convenient payment solution. With the country’s overwhelming response to cashless transactions, the company is setting bolder targets to achieve its goal of helping India’s transition into a cashless economy.
Paytm users can pay virtually anyone who has a smartphone just by scanning their QR code or entering their mobile number in the Paytm app. Paytm Cash can be used to pay for local taxi/autos fares, paying at petrol pumps, grocery outlets, restaurants and coffee shops, multiplexes, local tea/vegetable vendors or other service providers who prefer Paytm because of its seamless payment solutions.
The platform also allows users to do online recharges and bill payments, book movie tickets, do travel bookings and shop for products online among others. The safety and convenience of the process has triggered mass adoption across various categories, and has seen thousands of new users joining the cashless ecosystem within hours.
The company is now charting the next chapter in the evolution of the country’s app ecosystem with the Paytm Super app. Being the segment leader in mobile payments and commerce, Paytm has been ramping up its customer and acquisition efforts as they realize the benefits of the strong positive network effect and its diverse use-cases.
The company is already dominating the country’s offline commerce with its seamless online-to-offline (O2O) payment solutions with an aim of building the country’s largest offline payment network.