Paytm strikes gold amidst cash chaos: 2.5 crore transactions in just 6 days
India's largest mobile payments and commerce platform, Paytm is cashing-in on the chaotic cash-crunch in the country.
- Nov 17, 2016,
- Updated Nov 17, 2016 1:43 PM IST
India's largest mobile payments and commerce platform, Paytmis cashing-in on the chaotic cash-crunch in the country.
Consumers and small merchants across the country are switchingto mobile payments for the first time. And to accommodate the millions of newcustomers, the company has instituted a 4,000-strong merchant acquisition team.
Within a year of launching its Online-to-Offline (O2O)payment solution, the company has registered a 5X surge at parking lots, 4Xincrease in restaurants and local travel spends, 3X surge at grocery outletsincluding Mother Dairy stores and 2X surge at pharmacies and metro recharge.
Its utility bill payments platform saw a 150% surge despitethe government allowing old currency as millions of Indians opted to avoid thelong queues outside bill payment counters.
Backed by a strong payment ecosystem of customers andmerchants, Paytm has registered over 25 million offline transactions worth overRs. 150 Crores in the last 6 days.
The company's merchant on-boarding team continues to helpover 25,000 offline merchants on a daily basis to accept mobile payments atzero transaction fee or TDR.
Kiran Vasireddy, Snr. Vice President-Paytm said, " AsPaytm becomes synonymous to payments in India, our recently launched featureNearby has been used extensive over the last few days, garnering over 2 millionqueries on a daily basis."
The company has waived off its 1% transaction fee fortransferring money to the Bank for KYC-enabled merchants to facilitate thisshift in merchant behaviour.
Paytm's major rival, Freecharge, owned by e-commerce giantSnapdeal, has witnessed an increment of 1,388 per cent of new users during theprevious week. There is a major drop in demand of COD orders, with manyconsumers going for 'wallet-on-delivery' instead.
After last weeks' announcement by the Prime Minister, Paytmand other mobile wallets like Freecharge and MobiKwik are reframing the bankingstructure of the country and play an important role in the its attempt to movetowards a cashless economy.
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India's largest mobile payments and commerce platform, Paytmis cashing-in on the chaotic cash-crunch in the country.
Consumers and small merchants across the country are switchingto mobile payments for the first time. And to accommodate the millions of newcustomers, the company has instituted a 4,000-strong merchant acquisition team.
Within a year of launching its Online-to-Offline (O2O)payment solution, the company has registered a 5X surge at parking lots, 4Xincrease in restaurants and local travel spends, 3X surge at grocery outletsincluding Mother Dairy stores and 2X surge at pharmacies and metro recharge.
Its utility bill payments platform saw a 150% surge despitethe government allowing old currency as millions of Indians opted to avoid thelong queues outside bill payment counters.
Backed by a strong payment ecosystem of customers andmerchants, Paytm has registered over 25 million offline transactions worth overRs. 150 Crores in the last 6 days.
The company's merchant on-boarding team continues to helpover 25,000 offline merchants on a daily basis to accept mobile payments atzero transaction fee or TDR.
Kiran Vasireddy, Snr. Vice President-Paytm said, " AsPaytm becomes synonymous to payments in India, our recently launched featureNearby has been used extensive over the last few days, garnering over 2 millionqueries on a daily basis."
The company has waived off its 1% transaction fee fortransferring money to the Bank for KYC-enabled merchants to facilitate thisshift in merchant behaviour.
Paytm's major rival, Freecharge, owned by e-commerce giantSnapdeal, has witnessed an increment of 1,388 per cent of new users during theprevious week. There is a major drop in demand of COD orders, with manyconsumers going for 'wallet-on-delivery' instead.
After last weeks' announcement by the Prime Minister, Paytmand other mobile wallets like Freecharge and MobiKwik are reframing the bankingstructure of the country and play an important role in the its attempt to movetowards a cashless economy.
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine