India’s largest mobile payments and commerce platform, Paytm has recorded an unprecedented surge in transactions at offline retail stores across the country. Owing to the recent demonetization of Rs. 500 and Rs. 1000 notes, the company has registered over 300 per cent growth in offline store transactions in the last 6 days.
Read: Paytm adding million-plus customers each day: Founder
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 strong payment ecosystem of customers and merchants. Looking at the recent spike in demand, the company is now aiming to reach 8 million transactions worth INR 400 Cr a month by the end of the current financial year.
Speaking on the announcement, Senior Vice President – Paytm, Jessjeet Bhandari said, “We have been able to help lakhs of retail stores across the country to cope with the recent consumer rush. While our Nearby feature helped millions of customers find their nearest Paytm merchant on a daily basis, we have also enabled priority check-out counters for Paytm at More, Big Bazar and Central stores to ensure quicker check-outs for our customers.”
Within days of demonetization, Paytm has partnered with various large retail outlets like W, Jumbo, Archies, Woodland, Madura Garments, Red Tape, Modern Bazar and Easy Day to enable cashless transactions at these stores very soon. Paytm is currently accepted at major offline store including Big Bazaar, Central, eZone, Croma, Heritage Fresh, More, Spencers, Redtape, The Mobile store, WH Smith and Bata among others.