It was evident when Paytm published an advertisement on the front page of a leading newspaper thanking PM Narendra Modi for a bold move. Of course, Arvind Kejriwaltried to take a dig at them but was subtly rebuked by CEO Vijay Sekhar Sharma.
Paytm biggest beneficiary of PM’s announcement. Next day PM appears in its ads. Whats the deal, Mr PM? https://twitter.com/aajtak/status/796556306547023872 …
If you really want to know the impact of the demonetization on Paytm’s bottom line, check this out:
- 1,000 percent growth in money added to the Paytm account
- 700 percent increase in traffic
- 300 percent rise in app downloads
- 200 percent transaction value compared to earlier average ticket size
- 18 transactions a week per user compared to three per week earlier
Paytm has been enabling grocery shops, pharmacies, restaurants, pharmacies, gas stations, and many more to accept payments through its wallet. Its recent acquisition of online-to-offline player Shopsity was a step in that direction. Currently, 850,000 offline merchants accept Paytm, says the company. The demonetization move was the right time for the company to reach a larger customer base and establish loyalty. So much has been the penetration that in some parts of India, even Chaiwallahs have been accepting Paytm transfers.
“I am very excited to announce that Indian consumers are now using Paytm in more scenarios than ever before. Owing to the overwhelming response, we have set bolder targets in merchant acquisition, and are aiming to onboard 5 million merchants by the end of the financial year,” says Kiran Vasireddy, senior vice president of Paytm.
While there has been an increase in business in all the major fintech companies, no one is even close to what Paytm is doing! Way to go Paytm!