Paytm achieves impressive YoY growth of 37% while loan disbursal surges over 2.5 times
Paytm, India’s leading digital payments and financial services platform, has reported remarkable performance in the second quarter of 2023. In a recent regulatory filing, the company announced that its Merchant Payment Volumes (GMV) for the quarter ended June 2023 reached an impressive figure of INR 4.05 lakh crore (USD 49.3 billion), showcasing a substantial year-on-year growth of 37%.
During the same period, the value of loans disbursed through Paytm experienced an extraordinary surge, expanding over 2.5 times from INR 5,554 crore to INR 14,845 crore. This surge in loan disbursal signifies a growing demand for financial services facilitated by Paytm. Moreover, the loan volume witnessed an impressive increase of 51%, reaching 1.28 crore from the previous 85 lakh.
Paytm’s robust loan distribution trend in June can be attributed to the pent-up demand for merchant loans accumulated from the previous month. In May, there was an exceptional surge in disbursals, including the pent-up demand for merchant loans from April. This temporary increase in demand was primarily driven by one of Paytm’s partners undergoing system upgrades, resulting in a backlog of disbursals.
Continuing its upward trajectory, Paytm witnessed a substantial increase in its average monthly transacting users. On a year-over-year basis, the company experienced a remarkable growth rate of 23%, reaching 9.2 crore transacting users during the reported quarter, up from 7.5 crore in the corresponding period of June 2022. This significant surge in transacting users demonstrates the increasing popularity and trust that Paytm enjoys among its user base.
Furthermore, Paytm’s total subscription merchants base, which is directly linked to the seeding of payment devices, surpassed expectations by more than doubling over the past year. The company reported a staggering rise from 38 lakh subscription merchants in June 2022 to an impressive 79 lakh subscription merchants during the same period in 2023. This phenomenal growth illustrates Paytm’s successful efforts in expanding its merchant network and fostering a thriving ecosystem.
As Paytm continues to lead India’s digital payments landscape, the company’s performance in the second quarter of 2023 reflects its unwavering commitment to providing innovative financial solutions and seamless user experiences. With impressive growth figures across various metrics, Paytm is well-positioned to drive the digital transformation of India’s financial sector and empower businesses and individuals alike.
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