Paytm said it hit a record 5-million transactions a day, processing Rs 24,000 crore worth of payments, less than a week into the Indian government’s decision to demonitise Rs 1,000 notes, RS 500 and making it the largest digital payments company in the country .

“This is a historic opportunity for India to skip the plastic generation and leapfrog to mobile payments.”
Nitin Mishra, senior vice-president, Paytm.
According to the company , the number of transactions per user also went up from three transactions to over 18 transactions in a week.
“This points to a strong set of repeat customers that Paytm has now acquired. The traction was visible on the ground as well,” Misra said.

As demand surges and an opportunity to capture the untapped market opens up, leading mobile wallet and digital payments players in the country are working on hiring feet on the ground, running awareness campaigns and some are accelerating UPI integration on their platforms.

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