Paytm hits 5 million transaction per day; will process over Rs 24,000 crores soon

This sudden boost for Paytm is attributed to the ban of Rs 500 and Rs 1000 notes, and everyone being pushed to online digital transactions.

Paytm has announced that the mobile payment platform has touched five million transactions per day. The company further detailed that it is on the way to process over Rs 24,000 crores, an amount larger than any other payment platform in India. This sudden boost is attributed to the ban of Rs 500 and Rs 1000 notes along with the introduction of new notes for Rs 500 and Rs 2000. Everyone is being pushed to online digital transactions as chaos hits at ATMs and Banks. Most people prefer to skip usage of debit cards or credit cards in favour of Paytm.

The company had earlier launched 'Online-to-Offline' (O2O) a new payment solution in the country before the introduction of a QR-based payment system. The company further detailed that it has registered a 700 percent increase in traffic along with 1000 percent increase in the amount of money being added to wallets in last week. Also, the number of app downloads has grown 300 percent along with some transactions per users increasing from 3 transactions per week to 18 transactions.

“I am very excited to announce that 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,” added Kiran Vasireddy, Senior Vice President for Paytm. Nitin Misra, Senior Vice President for Paytm, said, "This is a historic opportunity for India to skip the plastic generation and leapfrog to mobile payments. We also we urge banks to reduce the charges for adding money to wallets and facilitate this shift in consumer behaviour. This will ensure that every Indian merchant, big or small can accept mobile payments.”

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