The recent demonetisation of 500 and 1000 currency notes in India has led most of the people to switch to online transactions and Paytm is one such popular online wallet whose business has grown manifolds since the announcement by Prime Minister Narendra Modi.
Paytm recorded over 435% growth in overall traffic within a few hours of the announcement on Tuesday evening. Currently, Paytm employs 4000 agents and has an active network of over one lakh offline merchants for its services.
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They plan to expand their network of agents, so as to achieve their target of 20 lakh offline merchants associated with them by the end of the current fiscal year.
According to company data, Paytm saw an increase in the number of app downloads by 200%, the number of transactions on the app by 250%, the number of new card registrations on the platform by 30%. Additionally, there has been a 1000% surge in the amount of money added to user accounts on Paytm and a 400% increase in offline transaction value.
The Alibaba-backed firm has quickly garnered a large user base in the past few days and has become an indispensable part of the cashless ecosystem since the demonetisation of the two largest currency notes in India. They released a quirky tweet soon after the demonetisation announcement took place.
Mobile Wallets are Having a Ball Following Demonetisation
There has been no confirmed news as to when the new 500 currency notes will be made available to the masses, which means people will be using online wallets like Paytm, MobiKwik, Freecharge and PayU, for a while.
Mobikwik registered an increase of 40% in the number of app downloads within 18 hours of the announcement. Freecharge Wallets saw an increase of more than a 1000% in the amount of money stored in the app. PayU registered a growth of over 80% within a day of the announcement.
Even Ola Cabs registered a 1500% surge in the amount of recharge on Ola Money in 102 cities across India on Wednesday.
If things go well as planned and Paytm successfully expands its network of offline merchants, everything from shopping groceries or utilities to having a brunch at your favourite restaurant or enjoying a cup of tea at the local tea vendor will become a cashless endeavour in the future.