The government’s decision on demonetisation has done wonders for Paytm. It has seen a significant growth over the past few weeks. The firm grew in terms of transactions, transaction value, number of application downloads and in terms of overall traffic on the website, there does not seem to be any discernible deterioration after skyrocketing in wake of November 8 announcement by PM. Looking to cement the gains and make further inroads into the segment, the Alibaba backed Paytm, Wednesday updated its app and launched a feature to help small merchants go cashless. Through the updated app small merchants, vendors and people with small businesses would be able to make cash free transactions. At the time when people are struggling to withdraw cash from ATMs, this update by Paytm will provide some respite to both, the consumers and to small businessmen, who’re more affected than anyone.
The new update launched POS, first of its kind in India. In the new update, under “Accept Payment” option, shopkeepers, vendors or whoever wants to just accept digital money can declare their personal and bank details and receive payments. Paytm’s known for constantly adapting to people’s need. Talking about extending their merchant network and consumers base, Vijay Shekhar Sharma, Founder and CEO while talking at the launch said “India needs a very innovating mobile pos machine and Paytm has already been accpeted by many merchants. By extending our merchant network to all other payment networks, we are enabling digital payments to a very large number of Indians.”
Demonetisation came at a time when we were increasing our server capacity. Our systems are all in place: Paytm founder Vijay Shekhar Sharma
— ABP News (@abpnewstv) November 23, 2016
Paytm saw a whooping 435% increase in its overall traffic not long after PM Modi’s announcement regarding demonetisation and it has registered 5 million new users since the move.