Paytm has announced that the mobile payment platform has touched five million transactions per day. The company further detailed that it is on the way to process over Rs 24,000 crores, an amount larger than any other payment platform in India. This sudden boost is attributed to the ban of Rs 500 and Rs 1000 notes along with the introduction of new notes for Rs 500 and Rs 2000. Everyone is being pushed to online digital transactionsas chaos hits at ATMs and Banks. Most people prefer to skip usage of debit cards or credit cards in favour of Paytm.
The company had earlier launched ‘Online-to-Offline’ (O2O) a new payment solution in the country before the introduction of a QR-based payment system. The company further detailed that it has registered a 700 percent increase in traffic along with 1000 percent increase in the amount of money being added to wallets in last week. Also, the number of app downloads has grown 300 percent along with some transactions per users increasing from 3 transactions per week to 18 transactions.