Paytm – India’s leading fintech company, has reported a 27% year-on-year (YoY) growth in its average monthly transacting users (MTU) at 90 million for the quarter ending 31 March 2023. According to the filing made by Paytm, the total loan disbursement surged 206% at Rs 4,468 crore during March with 4.1 million loans (up 63% Y-o-Y) being disbursed during this period.
Moreover, the company was delighted to share that their focus on payment volumes over the past few months has paid off, with a 40% Y-o-Y jump in merchant payment volumes (GMV) to Rs 3.62 lakh crore for the 3 months ending March 2023.
One 97 Communications, Paytm’s parent company reported that the subscription devices such as Soundbox, POS machines, have experienced strong adoption by merchants, driving additional payment monetization for the company. Paytm’s subscriber base grew even further as the number of merchants that pay subscription for payment devices has reached 6.8 million as of March 2023.
Additionally, the company believes, their subscription-as-a-service model is proving strong. It has resulted in higher payment volumes and is providing the funnel for Paytm’s merchant loan distribution. Vijay Shekhar Sharma, Founder and CEO of Paytm, claimed that the loan distribution marked a milestone for the company, which is going to prove crucial for their growth plans in the near future.
With the enriching features, sound business strategies and execution, Paytm is strongly standing by its vision: bringing economic growth and financial inclusiveness to every part of the nation. It is also noteworthy that Paytm shares rose to Rs 645.60 on the NSE in today’s trading session. The company has nothing short of great expectation from the future and is surely ready to take the challenge head on.