India is still confused that what are the after-effects of the demonetization? Does it helped Indian economy or was it just a political move by a newly elected government. Everyone seems to be unsure and don’t know what change that this step by the government brought. Out of this confusion and uncertainty, there is one company which made billions out of it. Since the ban on the 500 and 1000 rupee currency, the numbers of Paytm India’s first mobile wallet are sky high.
This move by the government proved to be really effective for the Paytm. Due to this, they not only broke their previous record number of transaction in a day regarding numbers but in volume’s perspective too. It was eminent that after the ban, the online payment industry is going to get profit with huge margins. Because Paytm was the only prominent option at that time, the luxury of mobile wallet became a need, and millions of Indians started using it.
Due to the front-runner even before the ban, the numbers of the Paytm proved that it benefited most from this adventure from the government. According to updates from last year, the Paytm touched the 5 million mark of the transactions in a single day and processed over Rs. 24000 crores. A country like India where the use of digital means for routine work is growing at the most rapid speed. A country which has the biggest share of online shopping discount coupon site in the region and consumers are educated enough to get discounts and vouchers like Sammydress reveal code to save money can use this online wallet facility to that extent in a single day.
In late 2016, Paytm experienced the biggest hike in their all-round stats from traffic to transaction and app download. According to words from the horse’s mouth, the Paytm enjoyed 700% in the traffic and mind-boggling 1000% increase in the volume of money added to the different user accounts. Before the demonetization, the average number of transaction that a user made was only 3 per week. But after the demonetization, this number increased to 18 per week which is even five times more than the previous one. This was all due to the steep increase in the downloads of their app which increased with the rate of 300% than the previous number of downloads.
As I said earlier, that there are still doubts that what benefits Indian economy got from demonetization. But the stats of the Paytm showed the entire world the potential of online business in India whether it is an online store or online wallet. This data is enough to prove that the Indian majority is educated enough to understand this process of transacting the money from one account to another via simple taps on the Smartphone screens. The people of India are aware of using this platform and the utilization of it in full swing that is why over 850,000 offline merchants all over India are now accepting payment via Paytm which makes us one step closer to the dream of digital India.