Paytm expects to reach half a million offline merchants by the end of November

The demonetisation of higher Indian currencies has benefited mainly the digital wallets in the country.

Paytm, one of the India's largest e-cash wallet is expecting to collect 5, 00,000 merchants on its platform only in the month of November, to accept offline payments.

Paytm claims that the number of users using it has reached to 115 million and almost half a million users are adding themselves on everyday basis.

Madhur Deora, CFO, Paytm was heard at the Global Mobile Internet Conference held in Bengaluru, saying, "Last month we were introducing about 5,000 merchants a day and in the first ten days of this month, before Prime Minister Modi made the announcement, we were up to about 10,000 new merchants a day. After the announcement, which number has gone up to 20,000 merchants a day."

Paytm began on boarding offline merchants on its platform around six months ago and says it had scaled the division enough to enable signing up such a large number of merchants today.