On Wednesday, One97 Communications Ltd. (Paytm) reported that its merchant payment volume (GMV) for the June quarter increased 37% year over year to ₹4.05 lakh crore. It also revealed that it disbursed loans of ₹14,845 crore through the Paytm platform, an increase of 167% year over year. According to a BSE report, 1.28 crore loans in total—up 51% YoY—were dispersed during the quarter. Additionally, for the quarter, Paytm deployed 79 lakh devices.
Paytm stated that its attention has been on payment volumes that produce profitability for us over the past few quarters, either through net payments margin or from direct upsell possibility.
The greater disbursal in May, which included pent-up demand for merchant loans from April as a result of one partner’s delay to disburse due to system improvements, had an impact on the pattern of loan disbursement from month to month in June. Loan disbursements totalled ₹ 5,227 crores just in June.
According to Paytm, it now has Seven active loan partners and plans to add another three to four in FY24. On June 30, it formed a cooperation with Shriram Finance for loan distribution.
Paytm reported that its user base has been growing, with average monthly transacting users (MTU) for the quarter reaching 9.2 crore (average for the three months ending June 30), up 23% YoY.
“Our leadership in payment monetisation continues, as subscription for payment devices like Soundbox and POS machines continue to see increased acceptance by merchants. Number of merchants paying subscription for payment devices has reached 79 lakh as of June 2023, an increase of 4 lakh devices in the month and 11 lakh devices in the quarter,” Paytm said.
