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Wallet usage soars following demonetization as ATM queues lengthen

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Usage of mobile and digital wallets soared following the phasing out of Rs 500 and Rs 1000 notes from circulation. Paytm saw a surge of usage across all its metrics.

Here are Paytm’s numbers on day 2 of the demonetization:

Traffic Increase: 7x increase in traffic
App Downloads: 3x increase in new App installs overall
Add Money: 30% increase on yesterday’s base which was 10X higher than average
Offline Payment Transaction Increase: Overall increase is now 5X of average
Overall Transactions: 3X of average
Transaction Rs Value: Continues to be 200% of average ticket size even on day 2
Saved Card: Paytm has now added 1mn new saved cards in last 2 days

Last we checked, Paytm said that it had 140 million users and had 75-90 million monthly transactions. It also has over 5 lakh offline merchants.

Meanwhile, MobiKwik said that it saw a whopping 2000% increase in add money and transaction value.

– MobiKwik’s average ticket size for offline transactions rose to Rs 3000 yesterday from Rs 1300-1500 yesterday. 
– Merchants such as  Lemontree, Makemytrip, IndiGo, cleartrip and Yatra saw a surge of 300% in transactions, coupled with Big Bazaar, Grofers, Big Basket etc.
– Although there is no clarity from whether wallets can accept the old denominations, MobiKiwk added that 10% of its user base prefers cash pick up.
– It will also be introducing wallet-on-delivery as a payment option to boost usage.

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Freecharge reported a sharp 12X overnight jump in the average wallet balance as consumers loaded up their wallets to face a cashless day on Thursday. It too introduced wallet-on-delivery for orders on Snapdeal and the roll-out will cover Snapdeal and FreeChargeusers across the country over the next few weeks.

Meanwhile queues at ATMs all over the country continued to lengthen as citizens looked to get cash and the new currencey denominations. State Bank of India, the largest bank in the country, said that it will take about 10 more days for nomalization of ATM services. There are 201,861 ATMs in the country, as of July 2016. 

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