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After demonetisation, Paytm hits record 5mn transactions a day

Paytm has said that it witnessed a record number of wallet transactions on Friday and Saturday because of wider cashless payments after the government withdrew Rs 500 and Rs 1,000 currency notes.

While most of the citizens have lost patience as there is no respite for them from standing in long queues to withdraw money from ATMs or exchange scrapped Rs 500 and Rs 1000 notes from banks, it is happy moment for Paytm, India’s largest mobile wallet company.

Paytm has said that it witnessed a record number of wallet transactions on Friday and Saturday because of wider cashless payments after the government withdrew Rs  500 and Rs 1,000 currency notes.

A company statement said, “Paytm has touched a record 5 million transactions a day (on Friday and Saturday, each) and is on the way to process over Rs24,000 crore by March 2017, more than any other payment network in the country.”

Since 9 November, the day PM Modi withdrew Rs 500 and Rs 1000 notes in order to curb black money, the company claims to have registered a 700% increase in overall traffic on the platform and 1000% growth in the value of money added to Paytm accounts. The average transaction value has also increased by 200% and the number of mobile app downloads by 300%.

Delhi Chief Minister Arvind Kejriwal on Friday, hinting at a probable prearrangement between the Modi government and Paytm, said, “Paytm is the biggest beneficiary of PM’s announcement. Next day PM appears in its ads. What’s the deal Mr. PM?”

Paytm’s founder and CEO, Vijay Shekhar Sharma, replied to this accusation of Kejriwal tweeting, “Dear Sir, the biggest beneficiary is our country. We are just a tech startup, trying to solve financial inclusion and make India proud.”

Sharma later in an interview said, “The removal of Rs 500 and Rs 1,000 notes will help the company, as a lot of people will use Paytm.”

While ordinary people are thronging in front of ATMs the company with the tag line ‘Drama Bandh Karo… Paytm Karo’, created an ad which showed the house-help asking her privileged boss to stop dramatizing the situation and use Paytm for transactions.

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