New Delhi, Nov 21 (IANS): Backed by China's Alibaba, Paytm on Monday said it has registered over 7 million transactions worth Rs 120 crore in a day after the demonetisation drive started as millions of consumers and merchants across the country are opting for mobile payments on its platform for the first time.

The company said it has served over 45 million users in the last 10 days alone and over 5 million new users were added since the demonetisation drive started. 

"From consumers being able to pay for a cup of coffee in metros, to farmers purchasing seeds using Paytm in Kurnool, we are witnessing an exponential increase in adoption of Paytm as a way to pay by both consumers and merchants alike. We are working round-the-clock to ensure we can enable users and merchants to complete everyday transactions seamlessly," said Paytm Vice President Sudhanshu Gupta.

"With offline transactions now contributing to over 65 per cent of the overall business, the company has also expanded its merchant network by 150,000 additional merchants. This will ensure that consumers have more shops in their neighbourhood accepting Paytm than ever before," the statement said.

"The company is currently doing more transactions than the combined average daily usage of credit and debit cards in India," the company statement added.

Paytm now has a current user base of 150 million.