India’s largest mobile payments and commerce platform, Paytm announced today it has registered a strong surge in online recharges on its platform post the government’s move to demonetize Rs. 500 and Rs. 1000 notes. As millions of new consumers tried online recharges for the first time, Paytm has registered over 35 million online recharges in the last few days.
Backed by a strong payment ecosystem, Paytm currently dominates India’s online recharges space with over 70% market share. Registering over 100% growth in its online recharges segment over the last couple of days, Paytm expects the recent surge in transactions to further increase its share.
Speaking on the announcement, Shankar Nath, Senior Vice President – Paytm said, “At Paytm, we are humbled by the fact that people have used Paytm on a massive scale for online mobile recharges and bill payments. Millions of new consumers across the country have adopted digital, Cash free recharges and bill payments for the first time. We also noticed a trend of users recharging over 5-6 mobile numbers online to assist friends and family.”
Paytm has become a one-stop solution for multiple daily use cases ranging from online recharges and bill payments to gas, electricity and water bills. Its aim is to bring half a billion consumers to the mainstream economy.