Paytm’s average transacting users reach 90 million in Jan-March quarter

Paytm, in its quarterly operating performance update, said that the average monthly transacting users in its Q4 FY2023 have gone up by 27 per cent year-on-year (YoY) to 90 million. The fintech company said its merchant payment volumes (GMV) grew 40 per cent for the March quarter, which showed expansion of customer base.

In a filing to BSE, the fintech company said that it saw continued growth in payments and loan distribution business in Q4 2023.

“Leadership in offline payments strengthened with 6.8 million devices deployed. Around Rs 4,468 crore ($544 million) worth loans were loan disbursed via the platform in the month of March 2023 through the Paytm platform,” Paytm said in its statement.

It added that its loan disbursement business, along with its lending partners, is progressing at a good pace and 4.1 million loans were disbursed in March 2023

It added that its Merchant Payment Volumes (GMV) for the quarter stood at Rs 3.62 lakh crore ($44 billion), with YoY growth of 40 per cent.

It added that subscription devices such as Soundbox and POS machines continue to see increased acceptance by merchants. "Subscription devices like Soundbox and POS machines continue to see increased acceptance by merchants, driving additional payment monetization for us. The number of merchants paying subscriptions for payment devices has reached 6.8 million as of March, an increase of 10 lahks in the quarter," said Paytm.

The Paytm Super App continues to drive higher user engagement for the company`s comprehensive payment services. It further added that it has been focused on payment volumes generating profitability, either through net payments margin or from direct upsell potential over the past few quarters.

Earlier, Paytm said that it has touched a new milestone of 4.3 million users on UPI Lite. It added that its Paytm Payments Bank recorded over 10 million UPI Lite transactions so far through the Paytm Super App. Paytm's UPI Lite, which is aimed at making quicker and simpler transactions, continued to gain rapid popularity among the masses to carry out small-value transactions of up to Rs 200 by a single click. Paytm Payments Bank became the first payments bank in India to launch UPI Lite. The Reserve Bank of India launched the interface on September 20 last year, wherein users can transfer money using UPI Lite without using a UPI PIN.

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