Paytm, a leading provider of financial services and payments, announced on Wednesday that it has reached a new milestone in offline payments with the deployment of 6.8 million devices. Consumer engagement is also at an all-time high on the Paytm Super App, with 90 million average monthly active users.
Merchant gross merchandise value (GMV) increased by 40% year over year to Rs 3.62 lakh crore ($44 billion) for the quarter (for the three months that ended in March 2023) and was the highest level ever.
According to the company, which released its business operating performance for Q4 FY23, loan distribution, in collaboration with lending partners, also experienced fast growth with disbursements of Rs 4,468 crore (up 206% YoY in March 2023).
In a stock exchange filing, the business stated that “With our subscription as a service model, the robust adoption of devices promotes subscription revenues and higher payment volumes, while boosting the funnel for our merchant loan distribution.”
More user engagement for the company’s extensive payment offerings is still being driven by the Paytm Super App.
The average monthly transactional users (MTU) for the quarter were 90 million, up 27% year over year, which demonstrates the rise of Paytm’s user base.
In collaboration with leading financial institutions, Paytm‘s loan distribution business keeps expanding.
4.1 million loans (a 63% growth YoY) were disbursed on the Paytm platform in the month of March 2023, bringing the total number of loans disbursed in the quarter to 11.9 million, up 82% YoY.
“Our customer and merchant base for payments offers a big addressable market, resulting in a lengthy expansion window. In order to keep the book’s quality in mind, we continue to collaborate with our partners, “claimed the business.
Paytm exceeded its September 2023 guidance by a considerable margin in the most recent quarter as it reached the milestone of operating profitability.
The financial technology behemoth’s EBITDA before ESOP cost was Rs. 31 crores, with an EBITDA before ESOP margin of 2% of revenues, down from 27% a year earlier.
Paytm’s operational revenue climbed 42% YoY to Rs 2,062 crore in the third quarter of FY23, led by growth in its core payments business and continued growth momentum in the credit business and commerce business.
Moreover, Paytm has reached a new milestone by signing up 4.3 million UPI Lite customers. Via the Paytm Super App, its Paytm Payments Bank has so far recorded over 10 million UPI Lite transactions. For small-value transactions up to $200 in one tap, Paytm’s UPI Lite is continuing to rapidly gain acceptance among the general public.
