NEW DELHI: In an exciting announcement, Paytm, India's leading payments and financial services company, unveiled its impressive performance for Q1FY24. Let's delve into the numbers and milestones achieved during this period.

Paytm has reached a significant milestone in merchant payments, deploying a staggering 79 lakh devices. This showcases the company's commitment to providing cutting-edge mobile and QR payment solutions. Moreover, the Gross Merchandise Value (GMV) for the quarter, which ended in June 2023, amounted to an impressive Rs 4.05 lakh crore. This marks a remarkable 37 percent year-on-year growth, demonstrating Paytm's strong market presence.

To drive payment monetisation, Paytm's subscription devices, namely Soundbox and PoS machines, are witnessing a surge in merchant adoption. The number of merchants paying for these payment devices has reached a whopping 79 lakh as of June 2023. This indicates an increase of 4 lakh devices in the month and an astounding 11 lakh devices in the quarter. Paytm is undoubtedly leading the market in merchant payments.

Engaging consumers on their Super App remains a top priority for Paytm. The average monthly transacting users (MTU) have reached an impressive 9.2 crore, marking a growth of 23 percent year-on-year. This high level of consumer engagement speaks volumes about the quality and value Paytm brings to its users.

When it comes to the total merchant payments volume processed through the platform for the quarter, the numbers are equally impressive. Clocking in at Rs 4.05 lakh crore (USD 49.3 billion), there has been a phenomenal 37 percent year-on-year growth. Paytm's dedication to driving payment volumes that generate profitability is evident.

Additionally, Paytm's credit distribution business, in collaboration with major lenders, is experiencing robust growth. The total disbursements for the quarter surged by a staggering 167 percent year-on-year, amounting to Rs 14,845 crore (USD 1.8 billion). Moreover, the distribution of 1.28 crore loans represents a significant 51 percent year-on-year growth. Paytm is committed to maintaining asset quality by continuously reviewing cohort data with partners and proactively tightening credit policies whenever necessary.

Paytm's performance during Q1FY24 reflects its unwavering commitment to innovation, growth, and providing exceptional financial services to its merchants and consumers alike. With impressive numbers and a strong market presence, Paytm continues to set new benchmarks in the industry.

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