Every adversity is an opportunity

Demonetization is causing a lot of hardship but at the same time, the digital payment startups could not have asked for anything better; for them surely Modi would be the poster boy!

The last two weeks have been unprecedented for Paytm, Mobikwik and Freecharge. The Govt raised the limit on the amount that can be spent via mobile wallets to Rs.20,000 per individual and Rs.50,000 for merchants. And that has really helped these companies.

Paytm has registered over five million new users since Nov. 08 and attracted more new users in two weeks than the entire population of Ireland, Oman, and New Zealand. Paytm now has a total user base of 150 million. It clocked over seven million transactions per day, more than the combined average daily usage of India’s 24.5 million credit cards and 661.8 million debit cards.

Mobikwik saw a 40% jump in app downloads following the news of demonetization and it now has over 35 million customers. On Nov. 21, Mobikwik said it had seen a 7,000% increase in money being transferred from its wallet into bank accounts over the previous 10 days.

Surely, every adversity is an opportunity for many; one just needs to be there at the right place and right time.