A year ago, with the announcement of demonetization in the nation, digital transactions was actively pushed in an attempt to turn it into a regular social practice. This push worked straight up in favor of a then-mobile wallet Paytm. Over the course of one year, the same mobile wallet has now come to become a financial services platform. And quantifying this popularity over the year, Paytm has today announced that its app has cross 100 million downloads on Google Play Store.
Interestingly, this also makes Paytm the country s first payments app to cross the 100 million downloads mark.
From being a mere mobile wallet, the app has now come to offer services like banking, lending, insurance, and payments. The platform allows users to do online recharges and bill payments, book movie tickets, do travel bookings among others. Paytm also allows users to scan its QR and pay at large merchants, grocery and kirana stores, milk-booths, local taxi/autos fares, petrol pumps, multiplexes, restaurants and more, which has been one of the primary reason for its popularity.
We are overwhelmed with the 100 million downloads mark, reaching this milestone is a testimony to the efforts of the incredible team at Paytm. This achievement will offer us a strong boost as we work towards our goal of making India a digital-first economy, Deepak Abbot, Senior Vice President of Paytm said.
And not just within itself, during this one year, Paytm has been seeing expanding externally too, with heavy investments. Earlier this month, Paytm reportedly invested $25 million (over Rs. 161.45 crores) in a Nearbuy and Little Internet joint merger, and will hold 51 percent stake in the joint entity. In July, it had acquired stake in online ticketing and events platform Insider.in. Formerly part of Groupon, Nearbuy parted from the parent in 2015. It was rebranded as Nearbuy after the promoters of the Indian arm and private equity investor Sequoia pumped in funds.