Paytm has announced that the company has recently achieved a new feat by completing 5 million transactions in a single day. The company’s officials also said that Paytm will soon process over Rs 24000 Crore through its online payment platform, the largest by any Indian E-Payment network.
After PM Modi announced the demonetization of old Rs 500 and Rs 1000 notes, all the electronic payment networks are seeing a surge in their usage as the ‘Mango Man’ is suffering from the problem of liquid money.
With banks and ATMs unable to meet cash demands, people have turned their focus on Mobile Wallet Services and this is the reason why the company thinks that it will process over Rs 24000 crore till the end of 2016. Paytm was also the first company to announce an ‘Online to Offline’ payment mode.
Paytm, which was seeing 2.5 to 3 million transactions per day, has recorded a 700% increase in traffic and around 1000% increase in the amount of money added to Paytm Accounts. The number of app downloads increased to 300% while the average weekly transactions increased from 3 to a humongous 18 per person.
Mobikwik, the sole competitor of Paytm, has also seen an 18X increase in transactions and over 40% increase in the number of downloads since the demonetization of Rs 500 and Rs 1000 notes.
These Mobile Wallet networks have come to the rescue of all the people who are queuing up in front of banks and ATMs and are still not getting enough money to provide food and basic necessities to their family members. However, these wallets have a limit of Rs 10,000 per month for non-KYC customers and those who have eKYC done with these networks can add up to Rs 100,000 to their accounts.
14 November 2016