Demonetisation brought hardship for people across India but there are exceptions. While some people are hailing the government’s decision on demonetisation, some are struggling in the streets to find the cash.
Demonetisation brought hardship for people across India but there are exceptions. While some people are hailing the government’s decision on demonetisation, some are struggling in the streets to find the cash. Amidst all the chaos if there’s anyone on the winning side, it’s the e-commerce website, Paytm. Paytm saw a significant rise in its traffic since the government’s ban on high value currency notes. 2 weeks since the ban and the firm is setting new records. Initially launched as an online payment platform, it has now become an online shopping website and is gradually coming out as the Indian cousin of Amazon.
It has been making headlines since the ban on Rs 500 and Rs 1000 notes and with politicians and lawyers talking about it, the firm is only gaining popularity. Post the note ban on the evening of 8th November, Paytm issued a full page advertisement showing its support for the government’s move and asking people to choose cash free payment modes. Since the advertisement carried the prime minister Narendra Modi’s picture, it attracted much criticism from Delhi CM Arvind Kejriwal. The company even got precious publicity from surprising quarters like Mukul Rohatgi when he, during a Supreme Court hearing on the demonetisation move by the government, repeatedly referred to Paytm while talking about alternative modes of payment. So, where does the company stand today after the demonetisation dust has more or less settled down now? Well, this is the way Paytm grew and grew.
1) Recorded a 435% increase in its overall traffic within hours of the announcement regarding note ban.
2) 200% increase in number of application downloads
3) 5 million new users registered since the demonetisation move
4) 250% growth in number of transactions and transaction value
5) Number of transactions per user jumped from 3 to 18
6) On 14th of November, the company had touched the record 5 million transactions on a single day.
7) According to Sudhanshu Gupta, Paytm vice president, the company’s been witnessing transactions worth Rs 120 crore in a day and this has helped it cross $5 billion GMV sales, four months ahead of its target.
8) It currently has 150 million mobile wallet users.