New Delhi [India]June 5 (ANI): India’s leading payments and financial services company Paytm on Monday announced its business operating performance for the two months ended May 2023 and said that its customer engagement on Paytm Super app has led to a strong expansion of its customer base. continues.
The subscriber base has witnessed an average monthly transaction user (MTU) of 92 million for the two months ending May 2023, registering a growth of 24 per cent year-on-year.
As it consolidates its leadership in offline payments, the QR pioneer said it has achieved a new milestone with deployment of 75 lakh devices, an increase of 4 lakh devices over the month of May.
“With our subscription as a service model, strong adoption of the tools drives subscription revenue and higher payout volumes, while increasing the funnel for our merchant loan disbursements,” the company said.
Paytm is witnessing steady growth in merchant payment volumes, with total merchant gross merchandise value (GMV) processed through the platform for the two months ending May 2023 at Rs 2.65 lakh crore ($32.1 billion), a year-on-year growth of Rs. Shows year on year growth. 35 percent.
Paytm said, “Over the past few quarters, our focus has remained on payment volume, which generates profitability for us either through net payment margin or direct upsell potential.”
The loan disbursement business of the fintech giant, in partnership with top lenders, is witnessing accelerated growth with disbursements through the platform growing 169 per cent year-on-year to Rs 9,618 crore (1.1 per cent) for the two months ended May 2023. billion dollars).
The number of loans disbursed increased by 54 percent to 85 lakh loans in two months.
Paytm said it currently has seven large lending partners and aims to add 3-4 partners in FY24, while it continues to work with lenders to focus on book quality .
The company further said that the previously mentioned system upgrade has now been done and its lending partner has resumed disbursement of merchant loans, with some demand from April being met in May.
In its recently announced January-March quarter (Q4FY23) results, Paytm reported 51 per cent year-on-year (YoY) growth in revenue from operations to Rs 2,334 crore, driven by growth in payments and loan disbursement business .
The company reported an operating profit for the second straight quarter. It reported EBITDA before ESOP cost of Rs 234 crore, including full year UPI incentive. Last quarter, Paytm achieved its milestone of operating profitability, well ahead of its September 2023 guidance. (ANI)
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