Currency ban: As commoners struggle, Paytm sees 50 million new downloads
- Since the currency, Paytm registered a 700% increase in overall traffic and 1000% growth
- Now it claims it has seen 50 million app downloads.
FollowSince the demonetisation of the ₹500 and ₹1,000 notes, Paytm and other mobile wallets have benefitted the most. The lack of cash in hand and long unending queues have made digital wallets a necessity for the common man - at least those with smartphones.
Paytm, which now claims to be India’s largest payments and commerce platform, announced on Monday that its Android app had crossed the 50 million installs landmark on Google Play Store in the second week of November 2016. With this, Paytm’s android user-base has now grown to over 75 million.
In a statement, the company said that it has also touched a record 5 million transactions a day and is on the way to process over ₹24,000 Crores, more than any other payment network in the country.
Speaking on the announcement, Deepak Abbot, Senior Vice President - Paytm said, “Reaching the 50 million downloads mark is a testimony to the efforts of the incredible team at Paytm. This achievement will offer us a strong boost as we work towards our target of bringing half a billion consumers on our platform.”
Also check this out: This image of a street hawker using Paytm has gone viral
Backed by a large payment ecosystem of customers and merchants, the company registered a 700% increase in overall traffic and 1000% growth in the amount of money added to the Paytm account over the last couple of days - since the currency ban. During this period, the transaction value continued to be 200% of the average ticket size while the number of app downloads went up 300%.
The number of transactions per user also went up from 3 transactions to over 18 transactions in a week. This points to a strong set of repeat customers Paytm has now acquired.
Some of its major offline partners include Future Group, More, Big Bazaar, Spencers, eZone, Croma, Fortis Health World, Indian Oil, Hindustan Petroleum, Mother Dairy, WHSmith, Haldiram’s, Vaango, KFC, Pizza Hut, Barista, Costa Coffee and many more.
Earlier this week, the Indian Railways announced that it is mulling over the idea to introduce booking of unreserved railway tickets on e-wallets like PayTM, JioMoney and Airtel Money to ease rush at booking counters.
The move is also expected to help scale up paperless mobile ticketing operation across the country in a big way.
