Paytm transaction rises 300 percent as retailers go digital
Paytm, India's largest mobile payments platform, has been the biggest beneficiary of the demonetisation move, as it saw a 300 per cent rise in transactions at offline retail stores in the last six days, according to a report in the Business Standard.
"Within a year of launching its Online-to-Offline (O2O) payment solution, Paytm has emerged as the fastest growing QR Code-based POS (point of sales) network in the country," the company said.
It aims to reach eight million transactions worth Rs 400 crore a month by the end of this financial year (March 31), said the firm in an interview. It is now at five million payment transactions a day..
Paytm said in the past two days it has seen a 700 per cent increase in overall traffic and 1,000 per cent growth in the amount of money added to the Paytm account.
In this period, the transaction value continued to be 200 per cent of the average size, while the number of app downloads went up 300 per cent. The number of transactions per user went up from three to 18 in a week. The company said the number of repeat users had also increased.
"While our 'Nearby' feature helped millions of customers find their nearest Paytm merchant on a daily basis, we have also enabled priority check-out counters for Paytm at More, Big Bazaar and Central stores, to ensure quicker check-outs," said Jessjeet Bhandari, senior vice-president.
Within days of demonetisation, Paytm has partnered with various large retail outlets -- W, Jumbo, Archies, Woodland, Madura Garments, Red Tape, Modern Bazar, Easy Day -- to enable cashless transactions at these stores very soon.
Paytm is currently accepted at major offline stores, including Big Bazaar, Central, eZone, Croma, Heritage Fresh, More, Spencers, Redtape, The Mobile store, WH Smith and Bata. About 850,000 offline merchants accept it.
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