Paytm's loan disbursals rise 449% during first 2 months of Q4, GMV grows 105%
Premium- Paytm said it achieved highest ever monthly loan disbursals and sees sustained growth in payments business
Paytm on Tuesday shared an update on its operational performance for the fourth quarter of the fiscal 2022, with updated figures for the first two months of the quarter. The fintech firm said it achieved highest ever monthly loan disbursals and sees sustained growth in payments business.
“With increased partnerships with established NBFCs, we saw that the number of loans disbursed through our platform grew 449% year-on-year (YoY) to 4.1 million loans in first two months of the quarter, with approximately 2.2 million loans disbursed in February 2022 alone, while the value of loans disbursed was ₹2,095 crore (y-o-y growth of 366%)," Paytm said in an exchange filing.
The total GMV processed through its platform during the first two months of the quarter aggregated to approximately ₹1,65,333 crore ($22.2 billion), marking a growth of 105% from the same quarter last year. GMV is the merchant payments processed through all instruments (Paytm Wallet, Paytm Payments bank account, other banks netbanking, credit and debit cards, UPI etc).
The Vijay Shekhar Sharma-led company continued to see an increase in user engagement, with average monthly transacting users (MTU) during the period at 69.5 million, growth of 41% YoY. Meanwhile, it said that its offline payments business strengthens as more merchants adopted Paytm payment instruments.
Further, the company said that RBI's curbs on Paytm Payments Bank does not impact any existing customers, who can continue to use all banking and payment services without interruption.
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“All existing users of Paytm UPI, Paytm Wallet, Paytm FASTag, and bank accounts can continue to use these instruments, including debit cards and net banking, for payments. New users can also sign up on the Paytm app, and transact by a) creating UPI handles and linking them to their bank accounts, or b) by using third party payment instruments, for transactions on the Paytm app. Users can not, until further notice, sign up for new PPBL wallets or PPBL savings or current accounts," it said.
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