Paytm boosts merchant payments leadership with 71 lakh devices, GMV grows 34% in April
New Delhi, May 6 (IANS) India’s leading payments and financial services company Paytm on Saturday said it has achieved a new milestone in offline payments with 71 lakh devices deployed, while consumer engagement is the highest on the Paytm Super App at 9.2 crore average Monthly Transacting Users (MTUs) for the month of April.
The average MTU registered a growth of 25 per cent (year-on-year), reflecting a continued expansion of Paytm’s consumer base.
The merchant gross merchandise value (GMV) for the month grew 34 per cent to 1.27 lakh crore ($15.6 billion).
“Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential,” Paytm said in its exchange filing.
The QR pioneer’s loan distribution business, in partnership with lending partners, also witnessed accelerated growth with disbursements of Rs 4,115 crore (up 148 per cent YoY) in April, according to the company as it announced its business operating performance for April 2023.
The company said in its stock exchange filing that “With our subscription as a service model, the strong adoption of devices drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution.”
Paytm’s loan distribution business, in partnership with top financial institutions, continues to gain scale. The total number of loans through the Paytm platform disbursed surged 56 per cent YoY to 41 lakh in the month.
“We have partnered with large NBFCs and Banks and we continue to focus on the quality of loans distributed through our platform. We currently have 7 lending partners and we aim to onboard 3-4 partners in FY 2024,” the company said.
Paytm on Friday announced its Q4 FY 2023 results. It reported a 51 per cent YoY growth in revenue from operations to Rs 2,334 crore, driven by growth in payments and loan distribution business.
The company reported an operating profit for the second straight quarter. It reported EBITDA before ESOP cost of Rs 234 crore, including the full-year UPI incentive. In the previous quarter, Paytm achieved its milestone of operating profitability, much ahead of its September 2023 guidance.