Paytm, the mobile wallet provider in India, is gearing up to bring on board 5 million merchants — more than tripling its current merchant customer count of 1.5 million.
India’s 500-rupee and 1,000-rupee banknotes being taken out of circulation prompted countless Indian consumers to look for other payment methods — and as such, Paytm has seen strong growth in recent weeks. Paytm reportedly saw 1,000 percent growth in money added to its mobile wallets and a 300 percent increase in app downloads over the past three weeks. The number of transactions users engage in per week has increased to 18 from three since demonetization was announced.
Here are the numbers:
5 million | Number of merchants Paytm plans to bring on board
1.5 million | Paytm’s current merchant customer count
500, 1,000 | Value of rupee notes taken out of circulation
1,000 percent | Growth in money added to Paytm’s mobile wallets in the past three weeks
300 percent | Growth in Paytm app downloads in the past three weeks
18 | Average Paytm customer transactions per week since demonetization
3 | Average Paytm customer transactions per week before demonetization
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