Solidifies in-store payments leadership with 82L devices
New Delhi: Paytm, India’s leading payments and financial services company and the pioneer of mobile payments, QR codes and Soundbox, recently announced its business operating performance metrics for July 2023. The fintech giant continues to solidify its leadership in in-store payments with 82 lakh devices deployed, a growth of 101 per cent YoY. In one month, Paytm has added 3.8 lakh devices, crossing a new milestone in in-store payments.
With its innovations, Paytm is bringing technology to small merchants across the country. The company recently launched two new devices – Paytm Music Soundbox and Paytm Pocket Soundbox, further strengthening its payment monetisation.
The tech innovator has witnessed a growth of 19 per cent YoY in monthly transacting users (MTU) to 9.3 crore. This reflects the growing consumer engagement on the Paytm app. Paytm’s total merchants volume has also seen an increase with GMV growing 39 per cent YoY to Rs 1.47 lakh crore ($17.9 billion) in July 2023.
As per the latest exchange filing, Paytm has said that its focus in the last few quarters continues to be on payment volumes that generate profitability for the company, either through net payments margin or from direct upsell potential.
Paytm’s loan disbursals have also scaled with the total loans disbursed through its platform, in partnership with leading banks and NBFCs, growing 148 per cent YoY to Rs 5,194 crore ($632 million). The number of loans disbursed increased 46 per cent YoY to 43 lakh. “We continue to work with our partners to ensure superior credit quality for loans distributed through us. To ensure that portfolio performance of our lending partners improves despite economic uncertainties, our credit disbursement growth will be deliberately calibrated over the next quarter or two,” the company in its stock exchange filing said.
As per the Q1FY24 results, Paytm recorded a 39 per cent YoY growth in revenue from operations to Rs 2,342 crore which was driven by an increase in merchant subscription revenue, significant jump in GMV and higher growth in loan disbursements. The company’s operational profitability streak continues for three straight quarters with its EBITDA before ESOP cost has improved to Rs 84 crore as compared to Rs 52 crore in Q4FY23 (excluding UPI incentives).