In a press note issued on Wednesday morning, Paytm said that the number of devices it had deployed in the market had shot up to 79 lakh.
The company’s gross merchandise value (GMV) — merchant transactions settled by Paytm — stood at Rs 1.4 lakh crore in June. In the three months between April and June, its GMV was Rs 4.05 lakh crore. Year on year, Paytm’s GMV grew 37% from Rs 2.96 lakh crore in June 2022.
Not only did Paytm scale up its payment volumes, the credit business expanded as well. The company said that it had disbursed around Rs 5,227 crore worth of loans in June alone. In the last three months, Paytm has reported a disbursal of 1.28 crore loans to the tune of Rs 14,845 crore.
The credit business grew 167% from Rs 5,554 crore in June 2022.
ET decoded Paytm’s aggressive loan disbursal business on May 15.
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The company’s monthly transacting user base remained at around 9.2 crore, rising 23% year on year.Paytm’s aggressive growth in the merchant payments space is taking place at a time when its closest rival, PhonePe, has ventured into merchant loans. The company is focussing on acquiring offline merchants as its online payment gateway cannot acquire fresh merchants due to a diktat from the central bank.
In FY23, Paytm had reported revenue of Rs 7,990 crore, a 60% jump from the Rs 4,974 crore recorded in FY22. The company’s losses for the last financial year narrowed 25% to Rs 1,776 crore from Rs 2,396 crore the previous year.