Paytm’s cumulative user base has now crossed 75 million. On Monday, the e-commerce giant announced that its Android app had crossed 50 million installs on the Google play store in the second week of November 2016.
A 700 percent surge in overall traffic accompanied by a 1000 percent increase in the amount of money added to Paytm accounts cemented the uptick caused by demonetization. “During this period, the transaction value continued to be 200 per cent of the average ticket size while the number of app downloads went up 300 per cent. The number of transactions per user also went up from 3 transactions to over 18 transactions in a week,” a press report said.
In the press release, Paytm pointed out that it has registered a 700 percent surge in overall traffic and 1,000 percent growth in the amount of money added to the Paytm account. “During this period, the transaction value continued to be 200 per cent of the average ticket size while the number of app downloads went up 300 per cent. The number of transactions per user also went up from 3 transactions to over 18 transactions in a week,” the report said.
To make the app more accessible to a diverse user base, Paytm plans to offer 10 Indian languages in addition to the current English standard. “With this new move, we are looking to push our share of customers from tier II and tier III cities from 40% to 70%. Our goal is to make payments and commerce more inclusive, and this new feature will help us expand the market to include those users who would prefer to engage online in their native languages,” said Deepak Abbot, senior vice president, Paytm.
On the Android platform, Paytm will be available in Hindi, Tamil, Telugu, Gujarati, Marathi, Bengali, Kannada, Malayalam, Oriya and Punjabi. Apple’s iOS users can expect to benefit from the update soon after.
“I am very excited to announce that Indian consumers are now using Paytm in more scenarios than ever before. Owing to the overwhelming response from consumers and merchants alike, we have set bolder targets in merchant acquisition, and are aiming to target 5 million merchants by the end of the financial year,” said Senior VP- Paytm, Kiran Vasireddy.
While the Senior Vice President – Paytm, Nitin Misra said that it’s a historic opportunity for India to skip the plastic generation and leapfrog to mobile payments. “We also we urge banks to reduce the charges for adding money to wallets and facilitate this shift in consumer behavior. This will ensure that every Indian merchant, big or small can accept mobile payments,” Nitin added.
