Post demonetisation Paytm's stunning business
posted on Nov 22, 2016 @ 11:05AM
Mobile payment platform Paytm has seen a rise in transaction following the demonetisation move. The company is now witnessing about 7 million daily transactions worth about Rs 120 crore, helping it cross $ 5 bn Gross Merchandise Value (GMV) sales, four months ahead of its target.Last year, Paytm’s GMV was at $3 bn. The Alibaba-backed company, which offers both mobile payment platform and e-commerce marketplace. “Paytm is registering over 7 million transactions worth Rs 120 crore in a day as millions of consumers and merchants across the country try mobile payments on the payment platform for the first time,” company vice-president Sudhanshu Gupta said. The company is currently doing more transactions than the combined average daily usage of credit and debit cards in India, he added. Paytm has been able to serve over 45 million users in last 10 days alone and over 5 million new users added since the demonetisation drive, Gupta said.