“At 10 o’clock, we saw some numbers which went through the roof. Our Google analytics had crashed and we were not able to track real time numbers. In the morning when we checked, the new user numbers were at 2X than what we saw yesterday,” reveals Deepak Abbot, who has recently joined as the Senior Vice President-Growth Marketing.
But it didn’t stop here. In less than 24 hours, Paytm’s platform saw an overwhelming 435% increase in overall traffic – as millions of consumers across India moved to use their Paytm wallets to transact offline.
Speaking to Inc42, Deepak reveals, “More than the new users, it was the existing users who are topping their wallets because they already know about Paytm. So while traffic roughly increased 4.5X, the interesting part was that people were adding a lot more cash than they usually used to. So we saw a 10X or 1000% increase in ‘add to cash’ transactions.”
Deepak believes these numbers will continue to grow as people are actually doing multiple ‘add to cash’ transactions. They are using the cash in the wallet and then adding more. Obviously, the average ticket size might have come down but with a 10X jump in transactions, who’s to complain!
Our Retail Network Has Become Our Brand Ambassador
With existing users extending use cases and new users joining the fray, Paytm’s immediate focus is now on two things – adding more merchants and educating consumers.