With people being reluctant to shell out the cash they stood hours in line for, digital payments company Paytm said on Monday it witnessed over seven million transactions worth Rs 120 crore on Saturday.
Paytm has crossed $5 billion GMV sales, four months ahead of its target, reports PTI.
Gross Merchandise Value (GMV), which is an industry term for estimating the total worth of goods sold through a digital platform, for Paytm was $3 billion last year.
“From consumers being able to pay for a cup of coffee in metros, to farmers purchasing seeds using Paytm in Kurnool, we are witnessing an exponential increase in adoption of Paytm as a way to pay by both consumers and merchants alike,” Paytm vice-president Sudhanshu Gupta said in a statement.
The company is currently doing more transactions than the combined average daily usage of credit and debit cards in India, he added.
One97 Communications Ltd-owned Paytm claims that offline, person-to-merchant transactions have grown to contribute over 65% of the transactions. The company has also added 150,000 merchants to its network of 10 lakh merchant network across India that accept digital wallet payments.
