Mobile wallet services in the country grew exponentially following the announcement of demonetisation. In sync with the popularity for digital payments, the brand which garnered major popularity is Paytm Mobile wallet.
As per the recent reports, within three years of its launch the brand has crossed 200 million wallet users.
The company now aims to have 500 million users on the wallet service by 2020, reports The Times of India.
“The total balance in the wallets is now at Rs 899.11 crore with 106.8 million wallets with money or with a card saved. To put into perspective, post demonetisation, Paytm downloads grew by 200 percent and there had been a whopping 1000 pnercent increase in users adding money to their e-wallet”, says Paytm CEO Vijay Shekhar Sharma.
“8.5 million transactions take place daily on Paytm platform while debit and credit cards transactions combined are around 10 million”, he added.
Paytm debuted in India in 2010.