Paytm‘s efforts to cushion up its offline business and take advantage of the government’s demonetisation drive are proving to be fruitful. The Alibaba-backed payments platform has clocked 25 million offline transactions in previous six days alone, Paytm said. The offline transactions total upto Rs 150 crore in value.
This development comes in less than a week after Paytm speed-tracked and introduced the “Close-by” feature which permits customers to discover dealers that accept the digital wallet in their region. With a cash crunch gripping customers and traders alike, Paytm’s Closeby feature aims to carry an index of over 8 lakh offline merchants and partners on Paytm’s platform with 2 lakh merchants included in the first phase.
“The offline share of our business has surpassed online in the past five days and forms around 68-70% of the business now from the 50% earlier,” Deepak Abbot, senior vice-president, Paytm.
The digital payments firm also introduced the app in 10 regional languages, including Hindi, to cater to rising traffic from tier-II and tier-III cities, Abbot said. Through the multi-lingual visibility alone, the company is expecting to grow its business 80%.
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Sameeksha Bhardwaj, From ITvoir News Desk