How much money did Paytm, Mobikwik, and Freecharge make from demonetization?
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Nov 22, 2016, 17:08 IST
Mobikwik
MobiKwik registers 7000% increase in bank transfers. It allows its users to transfer money instantly to any bank account at 0% fee.
Mobikwik said it has registered 18-fold growth in transactions since the announcement of demonetization that saw old Rs 500 and Rs 1,000 notes ceasing to be legal tender. Users can load money into their m-wallets using their credit/debit cards or net banking.
The mobile payments network has over 1 lakh merchants and 35 million customers at present and has witnessed a 40 percent increase in its mobile application downloads since the government's demonetisation initiative.
MobiKwik has even revised its monthly annualized Gross Merchandise Value (GMV) sales target by 10 times to USD 10 billion by 2017. User traffic and merchant queries have also gone up by 200 percent since the announcement of currency notes ban on November 9.
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Paytm
Paytm has been witnessing over 7 million transactions worth Rs 120 crores a day, helping it cross $5 billion GMV sales, four months ahead of its target.
The company is currently doing more transactions than the combined average daily usage of credit and debit cards in India.
Over 10 lakh offline merchants across India accept Paytm for payment including taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, and parking. Paytm has over 150 million mobile wallet users currently.
The company has also waived off its 1% transaction fee for transferring money to the Bank for KYC-enabled merchants to facilitate this shift towards digital in merchant behavior.
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Freecharge
Freecharge claimed that the average wallet balance on its platform increased 12 times since the announcement. According to a Financial Express report, FreeCharge has also removed the initial set-up charges and also the commission charged to merchants on each transaction and has been registering a merchant every 30 seconds on an average.
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