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Monday, February 27, 2017

Paytm achieves another milestone

Paytm achieves another milestone
The popular mobile payment and e-commerce platform Paytm has announced that it is now 200 million wallets strong. The company is the biggest success story of demonetisation announced by Prime minister Narendra Modi in November 2016. Within hours of the PM announcing the banning of Rs 500 and Rs 1,000 notes, Paytm user base jumped almost 150%. For weeks after that, the company's app ruled both Apple's App Store and Google's Play Store.

Paytm founder Vijay Shekhar Sharma tweeted the news of the company crossing the 200 million wallets milestone. Sharma also thanked Paytm users for the feat and said that he hopes that the company crosses 500 million-mark by the year 2020.

He also said in his tweet that the company is adding 7 lakh users per day and that the total balance in the wallets stood at Rs 899 crore.

The company also said in a press release that Paytm has become a preferred method of payment for use-cases ranging from mobile and DTH recharges to electricity and water bill payments as well as offline payments at grocery stores, pharmacies and parking among others.

"At Paytm, our goal is to help merchants and consumers transact digitally at zero extra cost. Reaching 200 Mn registered users and more than half a million users on a daily basis is a great showcase of the country's trust in our payment solution and reaffirms our belief in the need for a quick and easy cashless payment method. Going forward, we would continue to drive strong consumer-focused innovation in the category to reach the widest set of merchants and consumers in India," Deepak Abbot, senior vice president said.