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India's largest mobile payment and commerce platform Paytm is registering massive growth across India within hours of the Prime Minister Narendra Modi announcing his plans to have a corruption-free India.
The platform saw an overwhelming 435 percent increase in overall traffic as millions of consumers across India have taken to using their Paytm Wallets to transact offline.
Within hours of the announcement, the company registered a 200 percent hike in number of app downloads and 250 percent surge in number of overall transactions and transaction value. The number of saved cards also grew by 30 percent, pointing at a strong set of repeat customers the platform has now acquired.
The company has noted 1000 percent growth in money added to the wallet and 400 percent growth in transaction value of offline payments.
This is a great showcase of how fast consumers across the country are taking to the ease, convenience and safety Paytm's cashless payments offer.
"We stand by the government in its efforts towards taking black money out of the equation and offering a major boost to the Indian economy. Since Paytm is fast becoming synonymous to all kinds of payments, we are happy to announce we have registered a strong surge in volume on our platform," said CFO - Paytm, Madhur Deora.
Paytm users can pay virtually anyone who has a smartphone just by scanning their QR code or entering their mobile number in the Paytm app. Paytm Cash can be used to pay for local taxi/autos fares, paying at petrol pumps, grocery outlets, restaurants and coffee shops, multiplexes, local tea/vegetable vendors or other service providers who prefer Paytm because of its seamless payment solutions.
The company is already dominating the country's offline commerce with its seamless online-to-offline (O2O) payment solutions with an aim of building the country's largest offline payment network.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)