Paytm claimed 75 lakh merchants are now paying membership fees for its payment devices, up 4 lacks from May, and that its average monthly transacting users (MTU) had increased 24 percent year on year to 9.2 crores.
One 97 Communications (Paytm) stated on Monday that it continued to grow its client base in May and disbursed Rs 5,502 crore through the Paytm platform. Paytm reported that 75 lakh merchants are now paying subscription fees for its payment devices, up 4 lacks from May, and that its average monthly transacting users (MTU) increased 24 percent year on year to 9.2 crores for the quarter (average for April and May). Merchant Payment volumes (GMV) were Rs 2.65 lakh cr or $32.1 billion for the quarter to date, up 35% year on year.
Paytm stated that its focus in recent quarters has remained on payment volumes that create profitability, either through net payment margins or direct upsell possibilities.
Paytm stated that the spread of postpaid and personal loans has continued to expand. It stated that it has collaborated with significant NBFCs and banks and that it will continue to prioritize the quality of loans delivered through its platform. Paytm presently has 7 loan partners and hopes to add 3-4 more in FY24.
“Continued scale in our loan distribution business with disbursements of Rs 9,618 crore ($1.2 billion, YoY growth of 169%) and 85 lakh loans (YoY growth of 54%) distributed in the quarter to date (for April and May 2023),” the company stated.
“Our leadership in payment monetization continues,” Paytm stated, “as subscription devices for payment devices like Soundbox and POS machines continue to see increased merchant acceptance.” As of May 2023, the number of businesses paying membership fees for payment devices had reached 75 lacks, an increase of 4 lakh devices in a month.
In pre-open trade, Paytm shares were trading 1.04 percent higher at Rs 725.
