Paytm boosts merchant payments leadership with 75 lakh devices deployed in Apr-May
India’s leading payments and financial services company Paytm on Monday announced its business operating performance for the two months ended May 2023.
Consumer engagement on the Paytm Super App continues to see robust expansion of its consumer base with the 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 achieved a new milestone with 75 lakh devices deployed, an increase of 4 lakh devices in the month of May.
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 ended May 2023 aggregating to ₹2.65 lakh crore ($32.1 billion), marking a year-on-year growth of 35%.
The fintech giant’s loan distribution business, in partnership with top lenders, continues to witness accelerated growth with disbursements through the platform for the two months ended May 2023 growing 169% year-on-year to ₹9,618 crore ($1.1 billion).
The number of loans disbursed in the two months surged 54% to 85 lakh loans.
Paytm said it currently has seven large lending partners and aims to onboard 3-4 partners in FY24 while it continues to work with lenders to remain focused on the quality of the book.
The company also said that the earlier mentioned system upgrade is now done and its lending partner has resumed disbursing merchant loans, with some pent-up demand from April being met in May.