Paytm, the fintech major, recently reported that its quarterly average monthly transacting users (MTU) have seen a 27 percent YoY (year-on-year) growth and reached 90 million in the quarter ended March 2023. Paytm also registered 40 percent growth in Merchant Payment Volumes (GMV) with Rs 3.62 lakh crore ($44 billion) for the quarter.
The company saw significant growth in its loan disbursement rate as well. According to the release, Paytm issued 4.1 million loans in March 2023, with a YoY growth of 63 percent. Overall, Paytm disbursed Rs 4,468 crore ($544 million) worth of loans, a YoY growth of 206 percent.
The success of Paytm lies in the increasing acceptance of its sound box and POS machines by merchants. This has, in turn, helped with the additional payment monetisation process and the company now has 6.8 million merchants paying subscriptions for payment devices.
Paytm was founded in 2010 by Vijay Shekhar Sharma, who continues to be the driving force of the company. He has made Paytm into one of the largest fintech companies globally. With its cutting-edge technology and innovative product from digital payments, E-commerce and more, Paytm has been able to revolutionise the payment industry in India. Over the years, Paytm has acquired several firms, such as Insider.in and BookMyShow, and launched new products like Paytm Money, Paytm General Insurance and Paytm Savings Accounts.
The impressive growth in Paytm’s quarterly average MTU users and its loan disbursement rate show that the company is on the right track. Paytm has established itself as a leader in offline payments and with its innovative products and services, it is bound to continue its success.