Paytm announced that its subscriber base continued to grow in May, with an increase of 400,000 merchants paying for its payment devices. The average monthly transacting users (MTU) also saw a significant rise of 24% year-over-year, reaching 92 million for the quarter-to-date (April and May combined).
In terms of disbursements, Paytm reported that it processed Rs 5,502 crore ($819 million) in May through its platform. The company's merchant payment volumes (GMV) for the quarter-to-date stood at Rs 2.65 lakh crore ($32.1 billion), demonstrating a year-over-year growth of 35%.
Paytm emphasized its focus on payment volumes that contribute to profitability, either through net payment margins or direct upselling potential. Additionally, Paytm highlighted its expansion in the distribution of postpaid and personal loans, partnering with large non-banking financial companies (NBFCs) and banks. The company currently collaborates with seven lending partners and aims to onboard three to four additional partners in the fiscal year 2024.
Regarding its loan distribution business, Paytm shared impressive figures for the quarter-to-date. They disbursed Rs 9,618 crore ($1.2 billion), representing a YoY growth of 169%, and distributed 8.5 million loans, reflecting a YoY growth of 54%.
Paytm also mentioned the increasing acceptance of its subscription devices, such as Soundbox and POS machines, among merchants. The number of merchants paying for these payment devices reached 7.5 million as of May 2023, indicating an additional 400,000 devices subscribed in that month.
In pre-open deals, Paytm shares were trading 1.04% higher at Rs 725.