One97 Communications, the parent company of Paytm, said its average monthly transacting users grew 24 percent on-year to 9.2 crore in the quarter to date (average for April and May 2023), reflecting continued expansion of its customer base.
“We continue to strengthen our leadership in offline payments, with 75 lakh merchants now paying subscriptions for payment devices, an increase of 4 lakh in the month of May 2023,” the company said.
The total merchant GMV processed through the platform for the quarter to date was Rs 2.65 lakh crore ($32.1 billion), marking a YoY growth of 35 percent.
The fintech company said its loan distribution business (in partnership with large lenders) continued to witness robust growth with total disbursements through the platform for the quarter soared 169 percent YoY to Rs 9,618 crore ($1.2 billion).
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The company said it continues to see growth in the distribution of postpaid and personal loans. It has partnered with large NBFCs and banks and continues to focus on the quality of loans distributed through its platform. The fintech major has seven lending partners and aims to onboard three-four more in FY2024.
The numbers revealed by One97 were part of Paytm's May operating performance update.
"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." it said.
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