April 6, 2023
2 mins read

Paytm hits another milestone

The Paytm Super App continues to drive higher user engagement for the company’s comprehensive payment services….reports Asian Lite News

Leading payments and financial services company Paytm on Wednesday said it has achieved a new milestone in offline payments with 6.8 million devices deployed, while consumer engagement is the highest on the Paytm Super App at 90 million average monthly transacting users.

The merchant gross merchandise value (GMV) for the quarter (for three months ended March 2023) grew 40 per cent YoY to Rs 3.62 lakh crore ($44 billion).

Loan distribution, in partnership with lending partners, also witnessed accelerated growth with disbursements of Rs 4,468 crore (increased 206 per cent YoY) in March 2023, according to the company as it announced its business operating performance for Q4FY23.

The company said in its stock exchange filing that “With our subscription as a service model, the strong adoption of devices drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution.”

The Paytm Super App continues to drive higher user engagement for the company’s comprehensive payment services.

The average monthly transacting users (MTU) for the quarter at 90 million, registering a growth of 27 per cent YoY, reflects a continued expansion of Paytm’s consumer base.

Paytm’s loan distribution business, in partnership with top financial institutions, continues to gain scale.

The total number of loans disbursed surged 82 per cent YoY to 11.9 million in the quarter with 4.1 million loans (63 per cent growth YoY) disbursed in the month of March 2023 through the Paytm platform.

“Our payments consumer and merchant base offers a large addressable market, thereby providing a long runway for growth. We continue to work with our partners to remain focused on the quality of the book,” the company said.

In the last quarter, Paytm achieved its milestone of operating profitability, much ahead of its September 2023 guidance.

The fintech giant’s EBITDA before ESOP cost stood at Rs 31 crore with EBITDA before ESOP margin at 2 per cent of revenues as compared to (27 per cent) a year ago.

Paytm’s revenue from operations increased 42 per cent YoY to Rs 2,062 crore in Q3FY23, driven by growth in its core payments business and sustained growth momentum in credit business and commerce business.

ALSO READ: India 3rd in list of ‘most billionaires’

Previous Story

Bernard Arnault’s fortune tops $200 bn for first time

Next Story

Akshata moved to be seated next to India’s foreign minister 

Latest from Business

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics

India Maps 8.52 MT Rare Earth Reserves

The Atomic Minerals Directorate for Exploration and Research (AMD) and the Geological Survey of India (GSI) are actively exploring and augmenting rare earth resources, while the GSI alone has added 482.6 million

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more
Go toTop

Don't Miss

Why India must not join the West in demonising Russia

Those who say we should choose sides should tell us

India, Russia to unlock full potential of ties

The two sides agreed to work together to unlock the