Paytm, in popular imagination the biggest beneficiary of demonetization of Rs 500 and Rs 1000 notes, today announced that it has witnessed a record number of wallet transactions last weekend. To be precise, since November 9, the traffic on the biggest e-wallet service increased by 700% and the value of money added to Paytm grew by 1000%. Further, the average transaction value increased four folds and the number of mobile app downloads increased by 300%. as always with ecommerce firms, the company has not provided enough data on the base numbers on which this growth happened.
In other news, last week Paytm announced a new feature named ‘Nearby’ on Friday which scan and lets you find all the merchants accepting Paytm as payment option around you. With this new feature, one can opt for the listed merchants who will accept payments through the app.
The company claims that ‘Nearby’ comes with over 8 lakh Paytm’s offline merchants and partners. However, in the first phase about 2 lakh merchants have only been included. As of now, people can on browse through the list of displayed merchants or shops offering this service.
“Paytm has touched a record five million transactions a day (on Friday and Saturday, each) and is on the way to process over Rs 24,000 crore (by March 2017), more than any other payment network in the country” – read the company statement.
Paytm has been a cheerleader for the demonetizing move ever since Mr Modi announced it on November 8. The company even thanked the PMO through full page advertisements, further riling opposition leaders like Mr Arvind Kejriwal into allegations of collusion between the company and the government.