New Delhi : Mobile wallet companies including Paytm, Mobikwik and Flipkart-owned PhonePe on Wednesday said they have seen a significant jump in digital transactions amid a recent currency shortage at ATMs and banks in some parts of the country.
One97 Communications, which owns the Paytm brand, said it has seen a 30 per cent surge in transactions from several cities across India compared to the last month.
It added that this growth has been registered from states like Andhra, Bihar, Gujarat, Assam, Karnataka, Maharashtra, Rajasthan, UP, MP and Telangana, among others. “In the wake of the ongoing cash crunch, customers are using more of our services, which has led to phenomenal growth in money transfers and QR-based payments in the cities where the ATMs have gone dry,” Paytm COO Kiran Vasireddy said.
Upasana Taku, co-founder and director of MobiKwik, said the cash crunch has ensured that more customers are using mobile wallets for their payments. “Over the last few days, we have seen a surge of 27 per cent in our digital payments as well as QR-based payments to merchants, primarily driven by the consumers in regions where the cash crunch is acute. We are also seeing a 33 per cent increase in KYC/e-KYC requests,” she added.
