Demonetisation: Paytm records over 35 million online recharge transactions

Paytm has recorded over 35 million online recharge transactions in the last few days after the Government of India started its demonetisation drive few weeks back which forced mobile users to shift their recharge transactions from offline to online ones. 

“At Paytm, we are humbled by the fact that people have used Paytm on a massive scale for online mobile recharges and bill payments. Millions of new consumers across the country have adopted digital, cash free recharges and bill payments for the first time," Paytm senior vice president Shankar Nath, said in a statement on Wednesday.  

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In a surprise move to curb black money, corruption and terrorism, Prime Minister Narendra Modi on November 8 announced demonetisation of Rs 500 and Rs 1,000 bank notes as legal tender. 

Paytm is India's online payment and commerce company and dominates the country's online recharges space with over 70% market share. 

The company recorded over 100% growth in online recharges segment over the last couple of days and it expects the recent surge in the transactions to further increase its share. 

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