Paytm Now Has 191 Million, SBI Has 202 Million Accounts: Vijay Sharma

SBI hasn’t been particularly charitable towards Paytm. Right after the demonetization move, it had put up a poster of its branches outside one comparing Paytm unfavorably Buddy

SBI hasn’t been particularly charitable towards Paytm. Right after the demonetization move, it had put up a poster of its branches outside one comparing Paytm unfavorably Buddy, to a unique wallet. It has additionally been making it hard for its customers to use Paytm, by blocking transfers from its internet banking services to Paytm and other wallets.

And it’s likely for good reason –

While SBI has 202 million Paytm now has 190 million accounts, said Paytm CEO Vijay Shekhar Sharma while speaking at the NASSCOM summit today.

Paytm also discussed its latest stats through the discussion, revealing the company was now witnessing as many as 3.5 million daily trades by 3.2 million unique users. These transactions are resulting in a daily GMV of around Rs. 120 crores.

Paytm discloses the demonetization move came as a large turning point for the company. “I believe every company gets an inflexion point. I didn’t think we'll grow so fast,” said Sharma. But Paytm must be credited for moving quicker than its rivals when the demonetization move was pronounced. It came up with increase hacks that were adroit, like “Paytm accepted here” signs in papers, which enabled shopkeepers to immediately start using its services. And these results are revealing. “Offline transactions of Paytm now growing quicker afterwards transactions that are online,” says Sharma. The growth seems to be inclusive too – transactions in regional languages are growing quicker than English transactions, he says.

But amid the hyper-powered increase, there are roadblocks too. But Sharma looks in the positives. “If we retain 70% of what we have constructed, we still possess a bigger (offline) than online category, and that’s where the business is for us,” he said.

  • And his ambition doesn’t only quit there. “Paytm won’t stop till it is accepted in the world is San Francisco,” said Sharma. That ’s something hear SBI saying.