Paytm’s MTU Surges in Feb, Loan Distribution Biz Soars 286% YoY: Highlights
By Malvika Gurung
Investing.com — The digital payments major Paytm (NS:) has released an update on the company’s operating performance for the month of February 2023, stating that it has bolstered its leadership in the offline payments space.
Paytm has strengthened its leadership position in the offline payments segment by deploying 6.4 million devices or merchants paying subscriptions to the company in Feb 2023, rising by 0.3 million on a month-on-month basis.
The company recorded total disbursements of Rs 4,158 crore or $503 million in the month under focus through its platform. It continued to witness an expansion of the consumer base with the average monthly transacting users (MTU) surging by 28% YoY to 89 million for the quarter to date.
Further, Paytm’s merchant payment volumes (GMV) jumped by 41% YoY to Rs 2.34 lakh crore, aggregating to $28.3 billion for the quarter to date or Jan and Feb 2023.
“With our subscription as a service model, the strong adoption of devices drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution,” said Paytm.
The company’s loan distribution business continued witnessing accelerated growth with total disbursements via the Paytm platform for the quarter to date skyrocketing by 286% YoY to Rs 8,086 crore or $979 million.