Paytm gives loans of Rs 4,158 crore in February

13 Mar 2023 , 09:34 AM

One 97 Communications Limited announced its operating performance for the month of February 2023. The company said that its leadership in offline payments strengthens with 6.4 million devices deployed.

The Paytm Super App continues to see increased consumer engagement, with the average MTU for the quarter to date (January & February) at 89 million, representing a 28% year-on-year increase.

“Our dominance in offline payment solutions continues to grow, as evidenced by the fact that 6.4 million merchants are now subscribed to our payment devices. In February 2023, there was a surge of 0.3 million new subscriptions.”

“Our subscription-based business model has enabled us to generate more revenue from device adoption and increase payment volumes. Furthermore, this growth in subscriptions also opens up opportunities for us to distribute more merchant loans,” said Paytm in its media release.

The total merchant GMV processed through the company’s platform for the quarter to date (January and February) was Rs2.34 lakh crore ($28.3 billion), representing a 41% increase year-on-year.

The company’s loan distribution business (in collaboration with top lenders) continues to grow at a rapid pace, with total disbursements through its platform for the quarter to date (for January and February) increasing 286% y-o-y to Rs 8,086 crore ($979 million).

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