E-wallets hit, as app downloads shoot up

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Within hours of the PM's announcement, Paytm registered a 200% hike in the number of app downloads

Mobile payment services and e-wallets saw exponential growth in transactions and app downloads on Wednesday.

According to Paytm, within hours of the prime minister’s announcement, it registered a 200 per cent hike in the number of app downloads and 250 per cent surge in number of overall transactions and transaction value. The number of saved cards also grew by 30 per cent. The company also saw 1,000 per cent growth in money added to the wallet and 400 per cent growth in transaction value of offline payments.

“This is a great showcase of how fast consumers across the country are taking to the ease, convenience and safety of Paytm’s cashless payments offer,” said Madhur Deora, CFO – Paytm.

Ola Money, the popular digital payment solution from Ola, India’s most popular mobile app for transportation, has reported over 1,500 per cent increase in recharges across the 102 cities. There was a 15 times increase in recharge volume. In many smaller towns and cities across the country, which have predominantly been high on cash usage, there has been as much as 30 times growth. This includes cities like Nagpur, Chandigarh, Bhopal, Lucknow, Patna, Ahmedabad, Coimbatore, Jaipur, Indore etc. A majority of rides are being paid for using Ola Money as against cash across India.

“This move marks the beginning of a significant step towards a cashless economy and Ola Money is at the forefront of our vision of a Digital India,” said Pallav Singh, SVP & Head - Ola Money.

ItzCash card too witnessed more than 30-40 per cent growth in the volumes traded since Tuesday.

“Adaption to digital cash will now find a sweet spot among public at large as a precursor to counter similar occasions while they leverage the immense convenience and seamless interoperability it offers. At ItzCash we have been growing at 60 per cent CAGR over the last three years and we are absolutely bullish towards 100 per cent growth projections.” said Naveen Surya – Chairman, Payment Council of India & MD, ItzCash.

According to Ramki Gaddipati, CTO & Co-founder, Zeta, going ahead more merchants will start accepting payments digitally driving the growth between person to merchant payments. “This move opens up the potential for the digital card industry which is still at a very nascent stage as far as awareness is concerned. The opportunities that lie ahead are immense, but its execution will depend upon the adoption of the best technology for financial systems so that the entire nation can reap the benefits of this move,'' he said.

sangeethag@mydigitalfc.com

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