Paytm Diminished Card Transactions in India

by November 23, 2016 0 comments

After the radical and intrepid move by Narendra Modi for banning old currencies of 500 and 1000 in India, Paytm, an Indian e-commerce website claimed to reduce credit and debit card transactions in India for the last two weeks.

Few days ago the merchant announced that the profits augmented to such an extent that it received over 7 million transactions worth Rs, 120 crore as millions of citizens and merchants in India are bound to take the help of mobile payments on the Paytm platform. As there were no cash in ATM, the card machines were not working properly in many shops and even in the merchant website, which also provided advantage to e-commerce Company like Paytm.

It has also been noticed that people are doing more transactions in Paytm rather than their daily average credit and debit card usage. The company also asserts that it has got over 45million users in last 10 days alone and over 5million new users added since the demonetization drive. According to Business Today, with offline transactions now contributing to over 65% of the overall business, Paytm has also expanded its merchant network by 150,000 additional merchants.

Speaking on the announcement, Sudhanshu Gupta, Vice President – Paytm said, “From consumers being able to pay for a cup of coffee in metros, to farmers purchasing seeds using Paytm in Kurnool, we are witnessing an exponential increase in adoption of Paytm as a way to pay by both consumers and merchants alike.”

“Merchants across India can start accepting Paytm at zero extra cost. They have to simply log on to Paytm.com/business and fill an online form or give a missed call to +91 7210972109,” added Gupta.

Gupta further added, “The company has even waived off its 1% transaction fee for transferring money to the Bank for KYC-enabled merchants to facilitate this shift in merchant behavior. Over 10 lakh offline merchants across India now accept Paytm as their preferred payment mode.”

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