Paytm solidifies in store payments leadership with 87L devices deployed, MTU grows to 9.4 cr
Leading payments and financial services company Paytm announced its business operating performance metrics for the quarter to date (July-August period). The fintech giant continues to solidify its leadership of payment monetization with 87 lakh devices deployed. Witnessing an increase of 4.9 lakh devices in the month, further strengthening its payment monetization and cementing its leadership in in-store payments. With its groundbreaking innovations, Paytm is bringing newer technology to small merchants across the country. The company recently launched a series of new Soundbox devices, Paytm Music Soundbox and Paytm Pocket Soundbox, followed by yet another launch of the Paytm Card Soundbox in August.
“With our subscription as a service model, the strong adoption of devices drives subscription revenues and higher payment volumes while increasing the funnel for our merchant loan distribution,” said Paytm. The tech innovator reflects a continued expansion of their customer base and increase in customer engagement for (July-August period) with a growth of 20 percent YoY in monthly transacting users (MTUs) to 9.4 crores. Paytm also saw an increase in total merchant volume, with GMV marking a 43 percent YoY growth to Rs 3 lakh crore ($36.3 billion). As per the latest exchange filing, the company said that it continues to witness an increase in the GMV of non-UPI instruments like EMI and cards, and their focus 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 137 percent YoY to Rs 10,710 crore ($1.3 billion). The number of loans disbursed through the Paytm App for the quarter till date jumped 47 percent YoY to 88 lakh. As per the Q1FY24 results, Paytm recorded a 39 percent YoY growth in revenue from operations to Rs 2,342 crore, which was driven by an increase in merchant subscription revenue, a significant jump in GMV, and higher growth in loan disbursements. The company’s operational profitability streak continued for three straight quarters with its EBITDA before ESOP cost improved to Rs 84 crore.
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