Paytm has revealed that over 70% of the online mobile and DTH recharges that are being done in the country are now being routed through its platform. More than 35 million online recharges have been done in the past few days since demonetization of the Rs 500 and Rs. 1,000 notes.
In a statement, the online payment portal said that there has been a massive surge in online recharges post the decision of the central government to demonetize currencies. Millions of consumers have joined the online portal and used it for online recharges for the first time. Millions of new customers have adopted the digital, cash free recharges and bill payments for the first time. Users are recharging 5 to 6 mobile numbers online in a bid to help friends and family members.
Paytm has a secure payment ecosystem and currently dominates with a 70% market share. The online portal has registered 100% growth in its online recharge segment. The company said that it expected this figure to still higher as more and more people will get acquainted with the cashless and digital mode of payments. Paytm has become an excellent alternative to paying telephone and electricity bill especially in these times when the currency is a shortage. It aims to bring half a billion consumers under its wings.
As India moves tentatively but surely towards a more digitized and cashless economy, online payment options are the best alternatives. For one it will be easier to identify the cash route and secondly also help curb the scourge of black money. Retail outlets and small shopkeepers are increasingly opting for digital payments and have installed swipe machines in their shops to take care of the currency shortages.