Here's How Paytm Took Full Advantage Of Demonetization.

Here's How Paytm Took Full Advantage Of Demonetization.

With Prime Minister Narendra Modi's announcement of demonetizing Rs.500 and Rs. 1000 notes, Paytm is taking full advantage of this opportunity by introducing a new feature called "Nearby" which helps its users to locate their nearest merchants where they can load their wallet with cash.

‘Nearby’ currently lists over 200,000 merchants and Paytm promises to have over 800,000 merchants within a short period of time. The 'Nearby' feature will enable users to locate stores that accept Paytm whereas the another feature named ‘Add Cash’ feature points to the nearest ICICI and Axis bank branches where one can get cash loaded onto their Paytm wallets. Yet another feature named ‘Upgrade your Wallet’ lets users become a Paytm VIP by doing KYC at the nearest Paytm agent.

Elaborating on this, Sonia Dhawan – DGM Paytm said, “At Paytm, our approach has always been to build an ecosystem that benefits both merchants and customers. I am confident that while our customers will appreciate the increased convenience of finding Paytm services near them, our merchants and partners will value the exponential increase in visibility and new business ‘Nearby’ feature will bring. This is a great example of how mobile technology can drive business across the retail industry by redefining the hyperlocal space.”

This step has increased the downloading of Paytm apps by nearly 200%. It already had a user base of over 150 million. Followng the prime Minister's announcement, the user base increased by 435%. There was a 1,000 percent increase in users adding money to their wallets, which resulted in a 400 percent increase in offline payment transactions and 250 percent in overall transactions.

Paytm's goal is to recruit 4 million offline merchants by March 2017 and hire over 10,000 agents to expand its offline merchant network. It also acquired Delhi based Shopsity to further strengthen its O2O (online to offline) network for small retailers. Co-founder of Shopsity, Danish Ahmed said, “Paytm is doing phenomenal stuff in the offline commerce space, and we are very excited to join the team and build a platform that enables small retailers to ride the digital wave. Millions of retailers are using Paytm to accept payments today, and we’re working hard to bring an entire suite of digital services to them.”

Paytm Demonetization Nearby Add Cash