Paytm has seen some pretty amazing growth after the government announced its plan to demonetize Rs. 500 and Rs. 1000 bills. Today, it announced that its Android app had crossed the 50 million installs landmark on Google Play Store within a week of the aforementioned announcement.
Along with this, the company has also announced that its Android user base has now grown to over 75 million. Paytm has worked with several OEM Partners and 3rd Party App Stores to drive an additional 25 million android app users.
Further, in a statement, the company has also revealed that it has touched a record 5 million transactions a day and is on the way to process over Rs. 24,000 crores, more than any other payment network in the country.
Speaking on the announcement, Deepak Abbot, Senior Vice President at Paytm said,
Reaching the 50 million downloads mark is a testimony to the efforts of the incredible team at Paytm. This achievement will offer us a strong boost as we work towards our target of bringing half a billion consumers on our platform.
The company has more than 8,50,000 offline merchants across India, who are now accepting Paytm as their preferred payment mode. It is now accepted literally everywhere including taxi, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops, newspaper vendors and many others.
The service can also be used to pay at thousands of apps & websites for services like recharges and bill payments, movie tickets, travel bookings, food ordering and shopping.
Within a year of launching its Online-to-Offline (O2O) payment solution, Paytm has emerged as the fastest growing POS network in the country. Further, the company says that it has 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.
During this period, the transaction value continued to be 200% of the average ticket size while the number of app downloads went up 300%. The number of transactions per user also went up from 3 transactions to over 18 transactions in a week.
Being the segment leader in mobile payments and commerce, Paytm has partnerships with hundreds of thousands of outlets across various categories. Some of its major offline partners include Future Group, Big Bazaar, Spencers, eZone, Croma, Fortis Health World, Indian Oil, Hindustan Petroleum, Mother Dairy, WHSmith, Haldiram’s, Vaango, KFC, Pizza Hut, Barista, Costa Coffee and others.