The demonetization of Rs 500 and 1000 currency notes announced by Prime Minister Narendra Modi on Tuesday to fight the flow of black money, fake currency and corruption in the economy has drawn flak courtesy a new New Paytm ad in the newspapers on Thursday giving credit to PM Modi.
The advertisement congratulating Prime Minister Narendra Modi for the 'boldest decision in financial history independent India' has raised suspicion among the business fraternity and BJP’s political rivals. In addition to that, the company has also registered a remarkable growth of 250% in its transactions since the currency overhaul move. The ad further says, “Ab ATM nhi, #PayTmKaro!.
Delhi chief minister Arvind Kejriwal questioned about the timing of the advertisement. In a tweet, Kejriwal wrote, “Paytm biggest beneficiary of PM's announcement. Next day PM appears in its ads. Whats the deal, Mr PM?”
Paytm biggest beneficiary of PM's announcement. Next day PM appears in its ads. Whats the deal, Mr PM? https://t.co/lfP0PrQICQ— Arvind Kejriwal (@ArvindKejriwal) November 10, 2016
Sources say the mobile wallet platform reported 435% surge in overall traffic after the demonetisation move.
The company has registered a 200% surge in number of app downloads and 250% increase in number of overall transactions and transaction value.
The company has also grabbed 1000% growth in e- wallet money and 400% rise in transaction value of offline payments.
Also to ensure smooth demonetisation of Rs 1000 and Rs 500 currency, and to ease customers’ problems, the company has decided to do away with cash on delivery facility.
The company, on its Twitter handle: ‘Goodbye, COD. We're working with our courier partners to enable 'wallet on delivery, also known as Paytm on Delivery [POD].’
Goodbye, COD. We're working with our courier partners to enable Wallet on Delivery, also known as Paytm on Delivery [POD]— Paytm (@Paytm) November 10, 2016