435% spike in Paytm traffic after government scraps Rs 500, Rs 1,000 notes
Mobile payment and e-commerce platform Paytm saw a 435% increase in its overall traffic after PM Modi's announced to demonetize Rs 500 and Rs 1,000 currency notes.
Mobile payment and e-commerce platform Paytm saw a 435% increase in its overall traffic, following Prime Minister Modi's announcement to demonetize Rs 500 and Rs 1,000 currency notes, according to NextBigWhat.
Within hours of the Prime Minister's announcement on Tuesday, customers took to the online platform that has a user base of more than 150 million, to conduct their transactions. The company saw a 200% surge in number of downloads and a 250% increase in overall transactions and transaction value.
According to the article, the number of Saved Cards grew by 30% and the company witnessed a 1000% growth in money added to the wallet along with a 400% growth in transaction value of offline payments.
In order keep cash transactions at minimum and ensuring that money is accounted for, the government is aiming to move the Indian economy to a cashless one.