What’s the news: Paytm’s loan distribution business increased with disbursements of INR 10,710 crore ($1.3 billion) with a year-on-year growth of 137 percent, as per an operating performance update for July and August, 2023. Further, 88 lakh loans (with a year-on-year growth of 47 percent were disbursed in the same time period.
“We remain focused on the portfolio performance of our lending partners, and growth may be subdued until the industry outlook improves,” said Paytm, adding that the company currently has eight lending partners and aims to onboard 3-4 partners in FY 2024.
20 percent increase in monthly transactors: Average monthly transacting users stood at 9.4 crore at average for July and August. Year-on-year this number is up 20 percent which Paytm claims reflects “continued expansion of our customer base.”
42 lakh year-on-year increase in payment device subscription: The number of Paytm merchants paying subscription for payment devices were at 87 lakh as of August, with an increase of 42 lakh devices year on year and five lakh devices in August.
Merchant Payment Volumes (GMV) increased 43 percent year-on-year: Paytm said the total merchant GMV processed through it for Jul and August was INR 3.0 Lakh crore ($36.3 billion), growing 43 percent year-on-year.
“We continue to see increase in GMV of non-UPI instruments like EMI and cards,” said Paytm.
According to Live Mint, Paytm was among the companies to suffer a decline in investment from Canada Pension Plan Investment Board (CPPIB) owing to tensions between India and Canada. As per the report on September 21, 2023, Paytm shares fell 1.28 percent.
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