Paytm reported a 40% YoY increase in its Merchant Payment Volumes (GMV), which amounted to Rs.3.62 lakh crore (USD 44 billion) for the quarter that ended in March 2023, hitting 9 crore over the same period.
In a Stock Exchange Filing, Paytm stated that both its loan distribution and payment businesses continue to develop. The business set up 68 lakh devices in March and enabled loan disbursements totaling Rs. 4,468 crore using the Paytm platform.
"We are able to monetize extra payments because to the continued growth in merchant acceptance of subscription devices like Soundbox and POS systems. As of March, 6.8 million businesses were subscribing to payment devices, a rise of 10 lakhs over the previous three months "Paytm said.
Paytm reported that its GMV for the March quarter reached Rs.3.62 lakh crore (USD 44 billion), showing a 40% increase.
"Our loan distribution business (in cooperation with our lender partners) continues to gain scale with disbursements of Rs. 4,468 crore (USD 544 million, up 206% YoY) and 4.1 million loans (up 63%) disbursed through the Paytm platform in the month of March 2023," it stated. The company claimed that during the previous few quarters, it has concentrated on payment volumes that generate profitability, either through net payments margin or from direct upsell possibilities.
In reaction to the reported growth in Paytm's March quarter results, the company's stock rose 1.31% to reach a high of Rs.647.35 on Bombay Stock Exchange (BSE).
New landmark in offline payments: With 6.4 million businesses already paying a subscription for payment devices, an increase of 0.3 million in the month of February 2023, we continue to strengthen our leadership in offline payments, according to Paytm. With our subscription-as-a-service business model, the widespread use of smartphones boosts subscription revenues and payment volumes while widening the distribution channel for our merchant lending programme.
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