It was November 8, 2016, when PM Narendra Modi announced that as the clock strikes 12, Rs 500 and Rs 1000 note will not be legal tender. The move that left half the country cash-strapped took many by surprise and left many in shock as those who were in possession of currency beyond the acceptable limit were under IT radar. However, there was one company who gained the most with this move- PAYTM. As the demonetisation left the citizens with little liquidity, PAYTM used this opportunity to promote its digital wallet across the country as a replacement of hard cash. Here is how demonetisation proved to be a game changer for PAYTM-
1) Made transactions easier- Since nobody was left with enough cash and most of the ATMs were either stacked or had long queues, those having smartphones chose the smarter way of transactions i.e. through PAYTM. Easy add money, pay money and quick Paytm Customer Care support made the transactions easier.
2) Travelling cashless became a norm- At a time when Prime Minister announced the demonetisation, Paytm already had a number of services to offer that includes bus ticket booking, flight tickets booking, hotel deals, IRCTC services etc. As the entire cash transaction changed into digital, people started finding it convenient way of carrying money where there are no chances of being stolen or lost.
3) New found love of unorganised sector- So far the unaccounted money from the unorganised sector contributed to the black money component. As the market moved to being digital, those who chose to take only cash also started accepting PayTM money. This helped in creating an economy where tax evasion was impossible.
4) Money management made easy- Since paytm was a mobile app, it had all the records of your expenses, savings and the money left in your wallet. This, in a way, helped many people track their expenditure, which they cannot if they are spending cash.
5) Promotion of cashless economy- In a country like India, where the problems like fake currency circulation are very grim, such digital money wallet is a big relief in this kind of economy. As the demonetisation left high currency notes of no use, those in possession of fake currency were the one who was worse hit.
6) Daily household chores became easier- Paying electricity bills, booking movie tickets, mobile recharge, DTH recharge are some of the common tasks that can be performed on this single app. Apart from this, your usual shopping needs can also be fulfilled here at Paytm.
7) Became a common bank- Though Paytm Customer Care Support team is available round the clock, the corporate giant made the app work like a full-time bank from where money can be transferred to and fro from your bank account. If the transaction took longer time than usual, you can raise the alarm and the Paytm support team was always happy to help. In this way, while all other banks were treating their customers like a bunch of unwanted people, PAYTM helped the consumers in making money spending easier.
