Paytm's user base doubles in just two weeks

Paytm founder and CEO Vijay Shekhar on said that user base on its platform now stands at 150 million. 

Just a week after PM Modi’s announcement the company’s user base touched 75 million with 700% increase in overall traffic and 1000% increase in money transactions on its platform.

The company has spent nearly Rs 500-600 crore on marketing campaigns this year, Shekhar added.

The online financial technology and e-commerce website also announced the launch of a  Point of Sale terminal app, which requires no hardware and accepts all cards transactions with no extra charge up till December 31.

In a move to boost further cashless transactions, Paytm said that they will levy 2% charges on credit card transactions while debit card transction will have no charge.

The company has also recorded an average transaction growth rate of 140% since PM Modi announced the ban of higher currencies on November 8.