MUMBAI, 4th AUGUST, 2023 (Adarsh Maharashtra News Desk): One 97 Communications hich owns the Paytm brand, on Thursday said that its loan disbursements grew 148 per cent in July 2023 at Rs 5,194 crore (Rs 2,090 crore).
The number of loans disbursed for the month stood at 43 lakhs, up 46 per cent on a year-on-year basis, Paytm said in its operating performance update for July 2023 filed with the stock exchanges.
“Our loan distribution business (in partnership with large lenders) continues to witness healthy growth with total disbursements through our platform for the month of July 2023 growing 148% y-o-y to Rs 5,194 crore ($ 632 million)”, Paytm said in its latest update.
“We continue to work with our partners to ensure superior credit quality for loans distributed through us. To ensure that portfolio performance of our lending partners improves despite economic uncertainties, our credit disbursement growth will be deliberately calibrated over the next quarter or two”.
Paytm currently has eight lending partners, and the fintech aims to onboard 3-4 partners in FY 2024.
It maybe recalled that Paytm had in the first quarter of this fiscal disbursed loans worth Rs 14,845 crore, up 167 per cent on a year-on-year basis. In April-June 2023, the number of loans disbursed grew 51 per cent to 1.28 crore from 0.85 crore in the same quarter last fiscal.
The total merchant Gross Merchandise Value (GMV) processed through the Paytm platform for July 2023 stood at Rs 1.47 lakh crore, up 39 per cent on y-o-y basis.
“We continue to see increase in GMV of non-UPI instruments like EMI and cards. We are focused on payment volumes that generate profitability for us, either through net payment margin or from direct upsell potential”, Paytm said.
Paytm shares rose about four percent on August 4 after the fintech company posted its monthly business update for the month of July in which Paytm posted continued expansion of consumer engagement on the Paytm Super App with average monthly transacting users (MTU) for the month growing 19 per cent year-on-year to 9.3 crore (7.8 crore).
The number of merchants paying subscriptions for payment devices has reached 8.2 million, an increase of 3.8 lakh in July 2023.
Paytm added that for India’s small shops, it has also launched two new innovative devices – Paytm Pocket Soundbox, a debit-card sized device for merchants on the go, and Paytm Music Soundbox, which allows merchants to connect their phone to it to play music or listen to match commentary.Ends
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