Edited By: Mohammad Haris
Last Updated: January 09, 2023, 15:52 IST
Paytm, a digital payments and financial services company, on Monday said it witnessed a 330 per cent jump in loan distribution business to Rs 3,665 crore in December 2022. The number of loans grew 117 per cent y-o-y to 37 lakh in December.
During October-December 2022, the number of total loan disbursements grew 137 per cent y-o-y to 1.05 crore cumulative loans. The total disbursements during the three-month period ended December 2022 stood at Rs 9,958 crore, a growth of 357 per cent y-o-y.
“The total merchant gross merchandise value (GMV) processed through our platform for the quarter ended December 2022 aggregated to Rs 3.46 lakh cr ($42 billion), marking a y-o-y growth of 38 per cent. Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential,” Paytm said in a statement.
It added that with a focus on creating additional payment monetisation beyond MDR, Paytm’s focus on subscription services continues to expand. The company continues to strengthen its leadership in offline payments, with 5.8 million merchants now paying subscription for payment devices.
“With our subscription as a service model, the strong adoption of devices drives higher payment volumes and subscription revenues, while increasing the funnel for our merchant loan distribution,” Paytm said.
The Paytm Super App continues to see growing consumer engagement with the average MTU (monthly transacting users) for the quarter ended December 2022 at 85 million, registering a growth of 32 per cent y-o-y.
Digital financial services firm One97 Communications, which owns Paytm brand, reported a widening consolidated loss to Rs 571 crore for the September 2022 quarter (Q2FY23), compared with a loss of Rs 481 crore in the corresponding period last year. Its consolidated revenue from operations during July-September 2022 jumped nearly 76 per cent to Rs 1,914 crore, against Rs 1,086.4 crore in the year-ago period.
Paytm’s revenue from ‘payment services to consumers’ registered a jump of 55 per cent year-on-year to Rs 549 crore, while payment services to merchants went up by 56 per cent to Rs 624 crore YoY.
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