Paytm reports impressive operating performance in May 2023, driven by Payments and loan distribution businesses
Paytm, the leading payment services giant, witnessed significant growth in its user base and merchant transactions, along with remarkable loan distribution, highlighting its strong performance in May 2023.
One97 Communications Limited, the parent company of Paytm, on Monday announced that the fintech platform continued to increase its user base across the offline payment segment along with growing merchant transaction volumes in May 2023.
In its monthly business update for May 2023, the company said that Paytm has deployed an impressive 75 lakh payment devices May 2023, an increase of over 4 lahks compared to April, consolidating its position in offline transactions. In May 2023 alone, Paytm's platform facilitated disbursements amounting to Rs 5,502 crore.
The company's consumer base also continues to expand, with average monthly transacting users (MTU) of 9.2 crore for the quarter to date (April and May 2023), representing a year-on-year growth of 24 per cent.
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Paytm remains focused on payment monetisation, leveraging subscription devices like Soundbox and point-of-sale (POS) machines, among merchants.
With 75 lakh offline devices deployed, the company reported a remarkable gross merchandise value (GMV) of Rs 2.65 lakh crore for the quarter to date (April and May 2023), indicating a significant year-on-year growth of 35 per cent.
The company continues to focus on payment volumes for profitability.
The payment major’s burgeoning loan distribution business, which is carried out in collaboration with major lenders, has also grown rapidly as well.
In the quarter-to-date period, Paytm has disbursed loans of Rs 9,618 crore, an increase of 169 per cent year-on-year.
Apart from the loan corpus the number of loans also increased to 85 lakh loans during this period, an increase of 54 per cent year-on-year.
The company also aims to increase the number of its lending partners from 7 to 10-11 in FY24.
One97 Communication’s shares were trading nearly flat at Rs 718.30 apiece, up 0.18 percent on the NSE at 10:05 AM on Monday.
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