Demonetisation effect: Paytm clocks Rs 5,000 crore worth of transactions in January
Online payments platform Paytm clocked Rs 5,000 crore worth of transactions in the month of January 2017, Paytm founder Vijay Shekhar Sharma said.business Updated: Feb 15, 2017 22:40 IST
Spurred by demonetisation, online payments platform Paytm clocked Rs 5,000 crore worth of transactions in the month of January 2017, Paytm founder Vijay Shekhar Sharma said on Wednesday.
“We clocked Rs 5,000 crore worth of transactions in January alone, that’s 200 million transactions in volume terms,” Sharma told reporters in Mumbai on the sidelines of the Nasscom India Leadership Summit.
This was about 11% up from December 2016 transactions on the payments platform, he added.
“The customer base we have achieved in such a short period of time, is incredible and India and Bharat have come together so easily,” he said.
Paytm launched offline transactions in January 2016, and Sharma said that within a year it has overtaken online transactions for the company.
“Post November, our offline transactions have exceeded even our expectations. In January more than 65% of our transactions were offline,” he said.
The company is aggressively planning to grow its merchant network. Currently, it is present in over 450 districts and plans to cover 650 districts in 2017, Sharma said.
“We have over 4.5 million merchants presently and are targeting to grow this to 10 million by the end of the year,” he added.
The company is looking to launch its payments bank by the end of this month, Sharma said.