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    Wednesday, September 27, 2023

      Paytm UPI App Records 35% YoY Merchant Growth to Rs. 2.65 Lakh Crore in April-May 2023 | Details Inside

      India’s leading payments and financial services company Paytm announce its business operating performance for the two months end May 2023 and that its consumer engagement on the Paytm Super App continues to see a robust expansion of its consumer base.

      The consumer base has an average Monthly Transacting Users (MTU) for the two months ended May 2023 at 9.2 crore, registering a growth of 24% year-on-year.

      As it strengthens its leadership in offline payments, the QR pioneer said it achieve a new milestone with 75 lakh devices deploy, an increase of 4 lakh devices in the month of May.

      Paytm said :

      “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 is seeing consistent growth in merchant payments volume with the total merchant Gross Merchandise Value (GMV) processed through the platform for the two months end May 2023 aggregating to Rs. 2.65 lakh crore, marking a year-on-year growth of 35%.

      Paytm said :

      “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,” added Paytm.

      The Paytm’s loan distribution business, in partnership with top lenders, continues to witness accelerate growth with disbursements through the platform for the two months ended May 2023 growing 169% year-on-year to Rs. 9,618 crore.

      The number of loans disburse in the two months surge 54% to 85 lakh loans.

      Paytm said that it currently has 7 large lending partners and aims to onboard 3-4 partners in FY24 and it continues to work with lenders to remain focuse on the quality of the book.

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      The Paytm further adds that the earlier mention system upgrade is now done and its lending partner has resume disbursing merchant loans, with some pent-up demand from April being met in May.

      In its recently announce January-March quarter (Q4FY23) results, Paytm report a 51% Year Over Year (YoY) growth in revenue from operations to Rs. 2,334 crore, driven by growth in payments and loan distribution business.

      As per Paytm report, 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 achieve its milestone of operating profitability, much ahead of its September 2023 guidance.

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