Feb 16, 2017
Paytm always had a tough relationship with State Bank of India which is India’s biggest bank. Paytm an Indian payment and e-commerce company is growing at a fast pace than its competitors, spurred by demonetisation Paytm is a success. SBI furiously blocked its customers to transfer its money to their Paytm wallets rather recommending them to use the banks own wallet,State Bank Buddy.
While speaking at the NASSCOM summit today CEO of Paytm Vijay Shekhar Sharma said the company now has 190 Million Accounts whereas the Big Bank has 202 Million Account. He even said that the company is planning to attract one third of the nation on its portal.
The digitalisation process in India due to demonetisation paved the way for Paytm to success where there is 400% growth till date. The daily GMV is around ₹120 crore where they experienced 3.5 Million daily transactions and out of that 3.2 Million were new users.
The advertisement of the company also were strong than its latter to make the vendor realise the need of digitalisation at the time of demonetisation. They are planning to cover 650 district more as compared to 450 now and the offline transaction is huge than the online transactions recently acknowledged.
Soon it will launch Paytm Payments Banks before the end of this month along with its wallet services. It is expecting to garner 500 million customers in coming three years.