Mumbai, 15th March 2023: India’s leading digital payments and financial services company has announced its business operating performance for the two months ending February 2023. Consumer engagement on the Paytm Super App continues to see robust growth with the average Monthly Transacting Users (MTU) for the two months ended February 2023 at 89 million, registering a growth of 28% year-on-year.
The fintech giant’s focus on creating additional payment monetization with subscription services has continued to expand. Paytm’s leadership in offline payments strengthened further with 6.4 million merchants now paying subscription for payment devices, an increase of 0.3 million in the month of February 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,” Paytm said in its stock exchange filing.
The company is seeing consistent growth in merchant payments volume with the total merchant Gross Merchandise Value (GMV) processed through the platform for the two months ended February 2023 aggregating to ₹2.34 lakh crore ($28.3 billion), marking a year-on-year growth of 41%. The company’s loan distribution business, in partnership with top lenders, continues to witness accelerated growth with disbursements through the platform for the two months ended February 2023 growing 286% year-on-year to ₹8,086 Cr ($979 million). The number of loans disbursed in the two months surged 94% to 7.9 million loans.