The massive push for cashless economy by the Indian Govt. is enabling an early Christmas for most of the e-wallets in the country. Buoyed by the ban on Rs 500, Rs 1000 currency notes in India, more people are now downloading e-wallets and more and more transactions are now happening the digital way.
Paytm has just shared some of the data of this new age digital economy in India, and the numbers speak volume about the new way which Indians are choosing to transact.
Paytm: The New Way To Spend Money In India
Paytm has now crossed 50 million or 5 crore downloads on Google Playstore. This feat was achieved by Paytm during the second week of November, which is between November 8th and November 14th.
Paytm has partnered with other service providers and OEMs, to add another additional 25 million downloads; which means that on Android, 75 million or 7.5 crore users are right now using Paytm. On one particular day, Paytm witnessed record 5 million transactions, which is highest till date for them.
If we add iOS and desktop users, then total of 150 million users are right now using Paytm to transact and send money. This makes Paytm as the largest payments company in India, and definitely the largest e-wallet company as well.
The currency ban has not only enabled more downloads of Paytm app, but also enabled more transactions.
Earlier, an average Paytm customer used to transact only 3 times a week, which has now increased to 18 a week. Overall, Paytm has shared that in the first two weeks of November, the number of downloads has increased by 300%, and at the same time, the average ticket size of a transaction has increased by 200% as the amount added into Paytm wallet has increased by 1000%.
Besides, traffic directing to Paytm’s app and desktop website has also increased by 700%.
Paytm is now expecting to successfully process transactions worth Rs 24,000 crore in this financial year, which is more than any other payment network in the country.
Paytm has responded swiftly to the changing market dynamics, and has enabled a more powerful, penetrative offline push to make sure that Paytm is now accepted almost everywhere -right from groceries to petrol pumps, restaurants to road-side dhaba. By the end of 2016, 50 lakh merchants are expected to be part of Paytm’s offline network.
Updates on #CurrencyBan
Govt. of India has decided to waive off all additional surcharges and fees on e-transactions and for using ATMs of any other banks for withdrawing cash. We had shared yesterday that Govt. has introduced several new initiatives to tackle currency crunch in the country.
Another set of reports say that around 1.5 micro-ATMs would be installed all over the country to help create more options for citizens to withdraw cash. Besides, Air-force has been called in to supply Rs 100 crore worth of currency notes to each remote location every week, which will help rural citizens to cope with the shortage of cash.
We will keep you updated as more details come in.