Since PM Narendra Modi's announcement of demonetising the Rs 500 and Rs 1000 currency notes, various digital payment platforms including Paytm became really popular and have grown tremendously.
The lack of cash in hand and long lines have made the online payment and mobile wallets a necessity for the common man - especially the one with a smartphone, making these online platforms top priority for making daily routine payments.
Leading mobile payment and e-commerce portal Paytm seems to have garnered the biggest benefit out of currency ban. The company announced on Monday its growth numbers post November 8 when the old currency notes were scrapped.
The Vijay Sharma-led company said that its app on Android has crossed over 50 million downloads on the Google Play store, which takes Paytm user base to a whopping 75 million mark.
The company said that its overall traffic went up by 700 per cent. It also said that they even processed five million transactions in a day and constantly clocking a huge number of transactions.
Most of the traffic on the payment portal came from metro cities such as Delhi, Mumbai, Benguluru, Hyderabad and Pune, Paytm reported.
Despite this, there is still a number of population who are yet to use digtial payment platform and online wallets.