By Startup Wolf

In bullet points:

  • PayTM has recorded five million transactions a day.
  • They have registered 700% increase in traffic and 1000% increase in the amount of money in the last couple of days.
  • The number of transactions per user has gone up to 18 from 3 in a week’s time.
  • The top cities for PayTM are Delhi, Bengaluru, Pune, Hyderabad and Mumbai.

While everyone fully expected cashless transactions to grow multi-fold after the demonetization, in turn resulting in growth of startups and apps in the category, no one really knew how much and how fast. Here is measure of how much and an indication of how the future is going to shape up.

Mobile payments and ecommerce platform PayTM that it has recorded five million transactons a day and is going to process over 24000 crores.

“Paytm hit a record 5 million transactions a day starting 10th of November and since that day, we have been consistently clocking over 5 million transactions a day” PayTM told Economic Times.

The top cities for PayTM are Delhi, Bengaluru, Pune, Hyderabad and Mumbai.

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 consumers 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.

Kiran Vasireddy, senior vice president, Paytm.

With Paytm, all merchants be it small or large, can now accept payments at zero transaction fee or TDR. They have to simply log on to Paytm.com/business and fill an online form or give a missed call to +91 7210972109

Nitin Misra, senior vice president, Paytm

Related stories:

Demonetisation gets companies like Paytm to fast forward plans

COD Business hit by demonetization, says Snapdeal

Paytm buys Shopsity for offline boost

ToneTag brings on Mohandas Pai and Anand Chandrasekaran as advisors to push cashless transactions

Sources: Economic Times, Techviv, The Hindu,

 

#Demonetization #Ecommerce #Cashless #ElectronicPayment #MobilePayment #startup #start-up

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