The business of fin-tech startups is thriving after the demonetization move but it is Paytm which is going places. The company, which is the largest mobile payment platform in the country, has announced that it has crossed the mark of seven million transactions in a day.
As revealed by the company, the seven million transactions are worth around Rs. 120 crores. The transaction numbers posted by Paytm are more than the combined transactions of credit and debit cards in India.
With this, the company has crossed its Gross Merchandise Value (GMV) target of $5 billion four months ahead of its expected timeline. Last year, the company had reported GMV of $3 billion.
Commenting on this landmark achievement, Sudhanshu Gupta, Vice President of Paytm, said,
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 payment platform for the first time.
From consumers being able to pay for a cup of coffee in metros, to farmers purchasing seeds using Paytm in Kurnool, we are witnessing an exponential increase in adoption of Paytm as a way to pay by both consumers and merchants alike. We are working around the clock to ensure we can enable users and merchants to complete everyday transactions seamlessly.
Since the demonetization drive, the company has added more than five million new users and claims to have served more than 45 million users in just 10 days.
This news about 7 million transactions comes just days after the company crossed the mark of 5 million transactions in a day. Recently, Paytm announced that its mobile app has crossed the 50 million downloads on Google’s Play Store.
Within a year of launching its Online-to-Offline (O2O) payment solution, the company has emerged as the fastest growing POS network in the country. Recently, the company registered a 700 % increase in overall traffic and 1000 % growth in the amount of money added to the Paytm account over the last couple of days.
More than 10 lakh offline merchants across India are now accepting Paytm as their preferred payment mode. The platform is being used everywhere including taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops and more.