NEW DELHI: On Tuesday, One97 Communications Limited (OCL), which owns the Paytm brand and is India's biggest digital payments and financial services provider, released its January 2022 business updates. The company's loan division has seen rapid growth, while its leadership in the offline payments category has grown even more, resulting in the biggest ever growth in Monthly Transacting Users and continuing growth in GMV.

According to a Paytm spokesperson, "Paytm is seeing increased use of our lending products, including Paytm Postpaid (BNPL), merchant loans, and personal loans, across our whole platform. Our offline payments business is also booming, with additional devices being deployed across the country. Our efforts are reflected in the trust that our customers and merchants have in us, as seen by the platform's record user engagement." Adoption is expedited as a result of lending: In January 2022, the number of loans disbursed through the platform increased by 331 percent year on year to 1.9 million, with a value of Rs 921 crore, a rise of 334 percent year on year. Despite Omicron's transitory impact on merchant loan disbursal volumes for a short period of time, the business observed greater usage of our lending solutions.

Indian IT revenues pick up thrust in a decade to USD 227 bn in FY22

Rupee gains 29 paise against the dollar to close at 75.31.

Sensex up 1,736-pts Nifty Above 17,350; Tata Motors, Bajaj Finance at top