Paytm, one of the largest mobile payments and commerce platform of India, has today announced that it has registered a strong surge in online recharges on its platform post the government’s move to demonetize Rs. 500 and Rs. 1000 notes. This has enabled Paytm to witness a huge rise in its user base as well.
As the new consumers tried online recharges for the first time, Paytm has registered over 35 million online recharges in the last few days. Speaking on the achievement of this milestone, Shankar Nath, Senior VP at Paytm said,
At Paytm, we are humbled by the fact that people have used Paytm on a massive scale for online mobile recharges and bill payments. Millions of new consumers across the country have adopted digital, Cash free recharges and bill payments for the first time. We also noticed a trend of users recharging over 5-6 mobile numbers online to assist friends and family.
With a strong payment ecosystem, the Alibaba-backed startup is currently dominating India’s online recharges space with more than 70% market share. In this space, its biggest competitor includes Snapdeal-owned Freecharge.
As per the company, it has registered over 100% growth in its online recharges segment over the last couple of days. The company is now saying that the recent surge in its online recharge transactions will help the company to further increase its share in the market.
Paytm has become a one-stop solution for multiple daily use cases as along with mobile recharges and digital wallet service. It also enables users to make bill payments for gas, electricity and water usage. The primary aim of this fin-tech startup is to bring half a billion consumers to the mainstream economy.