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Wallet usage soars following demonetization as ATM queues lengthen

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…

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