Paytm’s leadership in offline payments strengthened with 71 lakh devices deployed, an increase of three lakh devices in April 2023….reports Asian Lite News
Payments and financial services company and pioneer of QR and mobile payments Paytm on Saturday posted its operating business update for April 2023.
In a stock exchange filing, the company said it continued to see growing consumer engagement on the ‘Paytm Super App’ with the average monthly transacting users for the month growing 25 per cent year-on-year to 9.2 crores, reflecting continued expansion of its customer base.
Paytm’s leadership in offline payments strengthened with 71 lakh devices deployed, an increase of three lakh devices in April 2023.
“Our leadership in payment monetization continues, as subscription services for payment devices like Soundbox and POS machines continue to see increased acceptance by merchants,” said the company in the filing to the stock exchanges.
The company also said that with its subscription as a service (SaaS) model, the strong adoption of devices drove subscription revenues and higher payment volumes.
With increased engagement from consumers and merchants, the total merchant Gross Merchandise Value processed through Paytm platform for the month of April 2023 was Rs 1.27 lakh crore ($15.6 billion), marking a year-on-year growth of 34 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 its loan distribution business (in partnership with large lenders), Paytm continues to witness healthy growth with total loans distributed through its platform for the month of April 2023 growing 148 per cent year-on-year to Rs 4,115 crore (USD 503 million).
“We continue to see growth in distribution of Postpaid and Personal Loans,” it said.
On Friday, Paytm announced its Q4 FY23 results.
It reported a 51 per cent yearly growth in revenue from operations to Rs 2,334 crore, driven by growth in payments and loan distribution business. The company reported an operating profit for the second straight quarter. It reported EBITDA before ESOP cost of Rs 234 crore, including the full-year UPI incentive. (ANI)