India’s largest mobile payment service platform, Paytm, on Monday said it has seen over 70 lakh transactions worth Rs 120 crore in a day after the demonetization drive started, as millions of consumers and merchants across the country opted for mobile payments on its platform for the first time.
The company said it has served over 45 million users in the last 10 days alone and over 5 million new users were added since the demonetization drive started.
“From consumers being able to pay for a cup of coffee in metros, to farmers purchasing seeds using Paytm in Kurnool, we are witnessing an exponential increase in adoption of Paytm as a way to pay by both consumers and merchants alike. We are working round-the-clock to ensure we can enable users and merchants to complete everyday transactions seamlessly,” said Paytm Vice President Sudhanshu Gupta.
“With offline transactions now contributing to over 65 per cent of the overall business, the company has also expanded its merchant network by 150,000 additional merchants. This will ensure that consumers have more shops in their neighbourhood accepting Paytm than ever before,” the statement said.
“The company is currently doing more transactions than the combined average daily usage of credit and debit cards in India,” the company statement added.
Backed by Chinese e-commerce company Alibaba and industrialist Ratan Tata, Paytm has over 150 million users currently.
In addition, over 10 lakh offline merchants across India including taxi/auto drivers, restaurants, movie theaters, petrol pumps, grocery shops, and parking vendors now accept Paytm for payment.
The Noida-based company had touched Gross Merchandise Value (GMV) of $3 billion last year and was targeting $5 billion for the current fiscal, a target it managed to achieve four months ahead of time.