Mumbai: 5th July 2023: Paytm, India’s leading payments and financial services company and the pioneer of mobile and QR payments, has announced its business operating performance for Q1FY24. The company has achieved a new milestone in merchant payments with 79 Lakh devices deployed while the Gross Merchandise Value (GMV) for the quarter (for three months ended June 2023) stood at ₹4.05 Lakh Cr, YoY growth of 37%.
Driving payment monetisation, Paytm’s subscription devices, Soundbox and PoS machines, continue to see an increased acceptance by merchants. The company continues to remain the market leader in merchant payments with the number of merchants paying subscription for payment devices has reached 79 Lakh as of June 2023, an increase of 4 Lakh devices in the month and 11 Lakh devices in the quarter.
Consumer engagement on the Paytm Super App remains high with the average monthly transacting users (MTU) at 9.2 Cr, growth of 23% YoY. The total merchant payments volume (GMV) processed through the platform for the quarter (for three months ended June 2023) was ₹4.05 Lakh Cr ($49.3 billion), marking a YoY growth of 37%.
Paytm’s credit distribution business, in partnership with large lenders, continues to witness robust growth with total disbursements for the quarter (for three months ended June 2023) surging 167% YoY to ₹14,845 Cr ($1.8 billion) with 1.28 Cr loans (51% YoY growth) distributed. The company also said that due to the earlier mentioned system upgrade, the higher disbursals in June reflects the pent-up demand from April being met in May.