India’s largest mobile payments and commerce platform, Paytm has announced that it has touched a record number of payment transactions. 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 Crores, more than any other payment network in the country.
It’s android app had also crossed the 50 million installs landmark on Google Play Store in the second week of November 2016. With this, Paytm’s android user-base has now grown to over 75 Mn.
Within a year of launching its Online-to-Offline (O2O) payment solution, Paytm has emerged as the fastest growing QR Code-based POS network in the country. Backed by a large payment ecosystem of customers and merchants, the company registered a 700 per cent increase in overall traffic and 1000 per cent growth in the amount of money added to the Paytm account over the last couple of days. During this period, the transaction value continued to be 200 per cent of the average ticket size while the number of app downloads went up 300 per cent. The number of transactions per user also went up from 3 transactions to over 18 transactions in a week.
“Indian consumers are now using Paytm in more scenarios than ever before. Owing to the overwhelming response from consumers and merchants alike, we have set bolder targets in merchant acquisition, and are aiming to target 5 million merchants by the end of the financial year,” Snr. Vice President – Paytm, Kiran Vasireddy said in a press release.
Over 850,000 offline merchants across India accept Paytm as their preferred payment mode. The compabt has partnerships with hundreds of thousands of outlets across various categories. Some of its major offline partners include Future Group, More, Big Bazaar, Spencers, eZone, Croma, Fortis Health World, Indian Oil, Hindustan Petroleum, Mother Dairy, WHSmith, Haldiram’s, Vaango, KFC, Pizza Hut, Barista, Costa Coffee and many more.