Paytm on Monday said its overall traffic has increased by 700% with over 1000% growth in the amount of money added to its account after the government’s demonetisation move.

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The company said that on its app downloads on Google Play Store has crossed 50 million in the second week of November totalling its user base to grow over 75 million.

Also Read: Paytm acquires Shopsity to strengthen offline retailer network

Over the weekend the e-commerce website, which is part of the financial technology industry, had recorded five million transactions on Friday and Saturday and said it would reach Rs 24,000 crore more than any other payment network, a report by Live Mint said.

Just 24 hours after PM Narendra Modi’s announcement on the ban of old currencies – Rs 500 and Rs 1,000 notes, Paytm had recorded 435% increase in overall traffic and a 200% rise in app downloads.

Also Read: Not mobile wallets, cash will still be king in India

Paytm’s Senior Vice President, Nitin Misra was quoted in a report by Economic Times encouraging people to ‘leapfrog to mobile payments.’  this is a historic opportunity for India to skip the plastic generation and leapfrog to mobile payments.

Nitin said they were urging banks to reduce the charges for adding money to wallets and facilitate a shift in consumer behaviour so that every Indian could accept mobile payments.