Backed by China’s Alibaba,
Paytm on Monday said it has registered over 7 million transactions worth Rs 120
crore in a day after the demonetisation drive started as millions of consumers
and merchants across the country are opting for mobile payments on its platform
for the first time.
The company said it has
served over 45 million users in the last 10 days alone and over 5 million new
users were added since the demonetisation drive started.
“From consumers being able to
pay for a cup of coffee in metros, to farmers purchasing seeds using Paytm in
Kurnool, we are witnessing an exponential increase in adoption of Paytm as a
way to pay by both consumers and merchants alike. We are working
round-the-clock to ensure we can enable users and merchants to complete
everyday transactions seamlessly,” said Paytm Vice President Sudhanshu Gupta.
“With offline transactions
now contributing to over 65 per cent of the overall business, the company has
also expanded its merchant network by 150,000 additional merchants. This will
ensure that consumers have more shops in their neighbourhood accepting Paytm
than ever before,” the statement said.
“The company is currently
doing more transactions than the combined average daily usage of credit and
debit cards in India,” the company statement added. Paytm now has a current
user base of 150 million.