Paytm's payment volumes surge by 40%, monthly users up 27% in March quarter
1 min read . Updated: 05 Apr 2023, 10:38 AM IST
Premium- According to Paytm, its subscription as a service model, combined with strong device adoption, has led to increased subscription revenues and payment volumes.
Paytm recorded a 40% YoY growth in its Merchant Payment Volumes (GMV) which amounted to ₹3.62 lakh crore ($44 billion)., reaching 9 crore during the same period for the quarter ended March 2023, the company informed on Wednesday.
Paytm announced in a BSE filing that it experienced ongoing growth in its payment and loan distribution businesses. In March, the company deployed 68 lakh devices and facilitated loan disbursements of ₹4,468 crore via the Paytm platform.
"Subscription devices like Soundbox and POS machines continue to see increased acceptance by merchants, driving additional payment monetization for us. The number of merchants paying subscription for payment devices has reached 6.8 million as of March, an increase of 10 lahks in the quarter," said Paytm.
Paytm reported that its GMV for the March quarter reached ₹3.62 lakh crore ($44 billion), showing a 40% increase.
"Our loan distribution business (in partnership with our lender partners) continues to gain scale with disbursements of ₹4,468 crore ($544 million, up 206 per cent YoY) and 4.1 million loans (up 63 per cent YoY) disbursed in the month of March 2023 through the Paytm platform," it said.
The company stated that it has been focused on payment volumes generating profitability, either through net payments margin or from direct upsell potential over the past few quarters.
As a result of the reported growth in Paytm's March quarter results, the company's stock rose 1.31% to reach a high of ₹647.35 on BSE.
According to Paytm, its subscription as a service model, combined with strong device adoption, has led to increased subscription revenues and payment volumes.
Additionally, this strategy has expanded the funnel for the company's merchant loan distribution.