Merchant payment volumes clocked by Paytm during the month of July surged by 39 percent on-year to Rs 1.47 lakh crore, as per a regulatory filing made by the Noida-headquartered payments services firm on August 3.
Paytm's loan distribution business during the month marked a growth of 148 percent on-year, as it came in at Rs 5,194 crore. The number of loans disbursed in July stood at 43 lakh, which was up by 46 percent as against the year-ago period, the company informed the stock exchanges.
"We continue to work with our partners to ensure superior credit quality for loans distributed through us. To ensure that portfolio performance of our lending partners improves despite economic uncertainties, our credit disbursement growth will be deliberately calibrated over the next quarter or two," Paytm added.
Average monthly transacting users (MTU) stood at 9.3 crore in July, rising by 19 percent as compared to the same month of the previous year, Paytm said.
"Our leadership in payment monetisation continues with the launch of two new innovative devices – Paytm Pocket Soundbox and Paytm Music Soundbox," the exchange filing added.
The number of merchants paying subscription for payment devices has increased by 3.8 lakh in July to reach a total of 82 lakh, it further noted.
In the quarter ended June 2023, Paytm's net loss narrowed to Rs 357 crore, as against Rs 644 crore in the same quarter of the last fiscal. The company's revenue came in at Rs 2,342 crore, which was 40 percent higher compared to Rs 1,680 crore reported in the year-ago period.
The scrip of One97 Communications, Paytm's parent entity, closed at Rs 767.35 in the trading session on August 3, 1.20 percent lower as against the previous day's close.
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