New Delhi: Paytm’s loan distribution business through its platform continued to witness accelerated growth.
The fintech firm’s loan distribution business scaled to 6.8 million loans disbursed in the two months ending November 2022, a year-over-year growth of 150 percent. Total aggregate loan disbursements during the two months under review stood at Rs 6,292 crore with an annual growth of 374 per cent, according to a stock exchange filing shared by the company on Monday.
“We see a significant growth trajectory given low current penetration, while we continue to work with our partners to remain focused on the quality of the book,” it said in the stock exchange filing.
Furthermore, in the offline payments segment, it strengthened its leadership with more than 5.5 million merchants now paying subscriptions for the payment devices.
“With our subscription as a service model, the strong adoption of devices is driving higher payment volume and subscription revenue, while increasing the funnel for trade loan distribution,” it said.
Also, Paytm’s Monthly Transaction Users (MTU) is also on the rise. The average MTU for the two months was 84 million, registering an annual growth of 33 per cent.
This consumer-merchant ecosystem has seen the company collect payment volumes (gross merchandise value) for the two months ending November 2022 at Rs 2.28 lakh crore with an annual growth of 37 percent.
Also Read: Who is Justice Dipankar Datta, the new Supreme Court judge?
The filing went on to say that the company’s focus in recent quarters continued to be on payment volumes that generate profitability – either through net payment margin or from direct upsell potential.
Separately, Paytm has been in the news for its proposed buyback. The company’s board will meet on Tuesday to discuss the plan. After the formal approval, Paytm is expected to share more details with the exchanges. The news of a buyback has instilled investor confidence as it assured that Paytm management is confident about its growth and profitability plans.
(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)
As an independent media platform, we do not accept advertisements from authorities and companies. It is you, our readers, who have supported us on our journey to pursue honest and objective journalism. Please contribute so we can continue to do the same in the future.
