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Mobile wallets companies have turned out to be the single largest beneficiary of demonetization which overnight sucked out 86% of the country’s currency in circulation and triggered India’s biggest ever cash crunch following Prime Minister Narendra Modi’s announcement on November 8.
But people found an alternate way. “Paytm Karo” or “use Paytm” became the new buzz as Paytm, the country’s largest mobile wallet, became an alternative for cash for many.
Shopkeepers, vegetable sellers, petrol pumps and even sex workers lapped it up. Paytm’s traffic increased by 435%, app downloads grew 200%, and there was 250% rise in overall transactions and transaction value.
The company’s founder and CEO Vijay Shekhar Sharma told HT that he is living a dream. While Paytm’s rise is a success story in itself, it also underlines the growth of cashless transactions in the country. Other mobile wallet companies such as MobiKwik and Snapdeal-owned Freecharge also witnessed steep growth. State Bank of India’s SBI Buddy wallet became the fourth largest mobile wallet in the country.
However, the value of mobile wallet transactions did not increase. In November, according to SBI Research, transaction value was down to Rs 35,240 crore, lowest since February as more people bought low-ticket items. Until December 13, Rs 18,130 crore worth of card transactions had taken place. Average ticket size fell from Rs 2,229 in October to Rs 1,714 in November.
From its initial crackdown on black money, the government changed its stance to make the country adopt cashless economy. To that effect, the Government waived off service tax on debit and credit card transactions of up to Rs 2,000 in a bid to promote digital transactions amid the cash crunch following demonetisation.
But there’s a worry that when cash returns to the system, many would stop cashless transactions. However, Paytm’s Sharma isn’t worried, insisting that mobile wallet is becoming a habit which will stay.
Airtel Payments Bank
India’s first Payments bank is now part of the all new My Airtel App. The My Airtel App is now not just the fastest & most secure way to recharge your Mobile & DTH accounts, pay postpaid & broadband bills, pay electricity bills but also lets you manage your Airtel Payments Bank Savings and Wallet account as well as send and receive money through airtel payments Bank UPI.
Airtel Payments Bank Account
- Your mobile number becomes your bank account number
- You earn a high interest rate of 7.25% p.a. on your savings balance
- Free personal accident insurance of Rs. 1 lac
- Talk-time equivalent to the money deposited at the time of account opening
- Account opening, cash deposit and cash withdrawal at any of our Banking Points
- Pay bills, make online payment and do recharges conveniently
- Use Airtel UPI to easily transfer the money from your phone
- Easy money transfer from your phone
- Cashless payments at a vast network of our merchants
- Option to pay at over 1 lac eCommerce sites using the online debit card
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