It appears as if the demonetization of Rs. 500 and Rs. 1000 notes is turning out to be great for the mobile payment platform, Paytm. The company has announced that it has touched 5 million transactions per day and is on its way to process over 24,000 crores.
The sudden lift in the transactions can be attributed to the infamous ban of Rs. 500 and Rs. 1,000 notes in India. As a result, people opted for mobile payments instead of credit and debit cards and hence the uplift.
The country's Prime Minister Narendra Modi recently announced the demonetisation of Rs. 500, Rs. 1,000 notes. And ever since this measure was brought into existence, it's been chaos all over the country.
Indian citizens have been expressing their anger for the sudden implantation of this act without a proper plan.
The company further announced that it has witnessed a 700% lift in traffic with a 1000% increase in the amount of money being added to the Paytm Wallet. Additionally, it has reported an increase of 300% in app downloads.
Kiran Vasireddy, Senior VP for Paytm has stated that "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 customers 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."