BENGALURU: Mobile payment platform Paytm has seen a rise in transaction to the tune of Rs 120 crores a day, following the demonetisation move.
Offering a major boost to digital economy, the company has recorded 7 million transactions every day and is ahead of its financial targets by four months.
According to Paytm Vice-President Sudhanshu Gupta, “Paytm is registering over 7 million transactions worth Rs 120 crore in a day as millions of consumers and merchants across the country try mobile payments on the Paytm payment platform for the first time.”
While the Gross Merchandise Value (GSV) for Paytm was $3 billion in 2015, it’s now at $5 billion. The transactions is more than the combined average of daily usage on credit and debit cards, Gupta said.
In the last ten days alone, more than 45 million users used Paytm and there have been 5 million new users who have used the service after the demonetisation move.
Paytm is looking at expanding their merchant network by adding 1,50,000 merchants, Gupta added. The company has also waived its one per cent transaction fee for KYC-enabled merchants making it more user-friendly.