Prime Minister Narendra Modi's demonetization announcement to make India corruption-free turned out to be a massive game changer for Paytm, the smartphone app for mobile payment. Overnight, this platform witnessed a surprising 435% increase in its overall traffic as millions of smartphone owners across the country turned to Paytm Wallet to make transaction offline. 

 

Within a few hours of the announcement, Paytm registered a 200% surge in its app download and a 250% hike in overall transactions and transaction value. 

 

CFO of Paytm, Madhur Deora, on a statement, said, "This is the biggest and most ambitious step ever to crack down on black money and fake currency. We stand by the government in its efforts towards taking black money out of the equation and offering a major boost to the Indian economy. Since Paytm is fast becoming synonymous to all kinds of payments, we are happy to announce we have registered a strong surge in volume on our platform.”

 

Paytm's number of Saved Cards also went up by 30% that shows that the commercial platform acquired a huge number of repeat customers. Paytm registered 1000% growth in the money added to its wallet and also 400% rise in the transaction value of the offline payments. 

 

Paytm allows its users to make virtual payments to anyone having a smartphone by scanning a QR code or by simply, entering the mobile number on the app.  

 

You can use Paytm Cash to pay taxi/auto fares, on petrol pumps, shops, restaurants, cafes, multiplexes, and anyone who has the app. One can also pay bills, recharge online, buy tickets, do online shopping and do much more. 

 

It is a safe and convenient process to do financial transactions and has many more users since banning of ₹500 and ₹1000 currencies. 

 

At present, the company is working on developing the next chapter in India's app ecosystem's evolution with its Paytm Super app. At the moment, it is the dominating offline commerce platform that offers online-to-offline payment solution and working towards building India's biggest offline payment network.