With over 600,000 users being added to the platform every day, Paytm’s founder and CEO Vijay Shekhar Sharma’s dream of reaching out to 500 million customers in a couple of years is only getting closer.
Sharma in an interview to exchange4media.com had mentioned that this year they are expected to clear Rs 300 billion worth of payments and on their way to complete 2 billion transactions this year too. Till the end of last month, Paytm witnessed over seven million transactions worth Rs 120 crore a day, helping it cross USD 5 billion GMV sales, months ahead of its target, courtesy demonetisation.
On Thursday, opposition leaders observed a ‘Black Day’ in the Parliament premises to mark one month of demonetisation. Reportedly, Congress leader Rahul Gandhi, not only referred PM Narendra Modi’s move as ‘foolish’- which has devasted the country, by affecting the lives of several people, like farmers, fishermen, daily wager-earners, but also questioned his idea of a ‘cashless society’ which he is aggresively promoting. He called the concept of ‘Paytm’ as ‘Pay To Modi’ and said that only a handful will get to benefit from it.
The entire day, ‘Pay To Modi’ kept trending on Twitter with people sharing their views on the platform, According to website Tweetreach, ‘Pay To Modi’ has reached more than 131,118 accounts and garnered 203,343 impressions till late evening.
However, this is not the first time that the Opoosition has spoken about PayTM being the biggest beneficiary as a result of demonetisation. Post the withdrawal of curriences from the market on November 8, Paytm used Narendra Modi’s picture in their ad campaign where they congratulated him for taking the ‘boldest decision in the financial history of independent India’. Using the hashtag Ab ATM nahin, #PaytmKaro the brand ran full page ads in mainline papers.
Delhi CM, Arvind Kejriwal took pot-shots at the brand through his tweet where he spoke about it being the biggest beneficiary of PM’s announcement. To which, the CEO of the company, Vijay Shekhar even responded.
Not paying heed to the brickbats, Paytm has been extremely focussed in expanding their user base and taking the maximum advantage of the ongoing demonetisation. According to recent reports, Paytm founder has also expressed that demonetisation has turned extremely beneficial for the company as they have been adding around 6 lakh new users every day. Other than running full page ads and educating the consumers about the use of digi-wallets, their focus is also on introducing new features and offers to entice the consumers.
Recently, in order to target those consumers, who are without internet; Paytm introduced a toll-free number 180018001234 to enable consumers and merchants to pay and receive money and even recharge mobile phone without internet. This new feature was widely publicised with front page ads in major publications across the country.
The e-wallet company has also introduced a new ‘App-Password’ feature on its Android mobile app, which will enable the Paytm users to set a secure pin, password, pattern or fingerprint. This is to ensure money stored in the Paytm wallet remains safe even if the owner’s phone is lost or misplaced.
Few days back, Paytm announced a new app feature named PoS which would have allowed them to accept debit and credit cards; however, the online wallet company immediately withdrew it after citing security reasons. This latest feature was supposed to eliminate the need for a physical point-of-sale terminal or a card swipe machine. Reportedly, the App, allowed a shopkeeper’s smartphone to act as a point-of-sale machine by accepting debit and credit cards from customers, also it was aimed at people who possessed cards, but not necessarily a smartphone.