Paytm targets retail store transactions worth Rs 400 crore by year-end

The company has seen a sudden surge in retail store transactions after the demonetisation of Rs 500, Rs 1,000 notes.

Mobile payment systems in India are gaining traction after demonetisation. Photo: Pixabay

Mobile payments platform Paytm announced that it aims to reach 8 million transactions generating spends worth Rs 400 crore a month by the end of the current financial year.

The company has seen a sudden surge in usage and transactions owing to the recent demonetisation of Rs 500 and Rs 1,000 notes. The company has registered over 300% growth in offline store transactions in the last 6 days, it said in a statement.

Within a year of launching its Online-to-Offline (O2O) payment solution, Paytm has emerged as the fastest growing QR Code-based POS network in the country, it added

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Jessjeet Bhandari, Sr Vice President – Paytm said, “At Paytm, we are proud to announce that we have been able to help lakhs of retail stores across the country to cope with the recent consumer rush. While our Nearby feature helped millions of customers find their nearest Paytm merchant on a daily basis, we have also enabled priority check-out counters for Paytm at More, Big Bazaar and Central stores to ensure quicker check-outs for our customers.”

Within days of demonetisation, Paytm had partnered with various large retail outlets like W, Jumbo, Archies, Woodland, Madura Garments, Red Tape, Modern Bazar and Easy Day to enable cashless transactions at these stores very soon. The mobile payments platform is now accepted at major offline store including Big Bazaar, Central, eZone, Croma, Heritage Fresh, More, Spencers, Redtape, The Mobile store, WH Smith and Bata among others.

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