The Step by the Government to take down the Rs. 500 and Rs. 1000 notes has boosted the business of Mobile Wallet companies like, Paytm and Freecharge. Paytm today said that it has recorded a historic 5 million transactions since the government has announced that high currency notes won’t be the legal tenure of the Indian Government.

"This is a historic opportunity for India to skip the plastic generation and leapfrog to mobile payment", said Nitin Mishra, senior Vice-president, Paytm.

The Company transacted an amount of more than Rs. 24,000 crore. The transactions per user went up to 18 times from 3 times.

"This points to a strong set of repeat customers that Paytm has now acquired. The traction was visible on the ground as well," Mishra Said.

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