Paytm boosts merchant payments leadership with 7.9 million devices

New Delhi: Digital payment and financial services company Paytm on Wednesday announced that it has achieved a new milestone in merchant payments by deploying 79 lakh devices, while the gross merchandise value for the first quarter of the financial year 2023-24 stood at Rs 4.05 lakh crore, a year-on-year (YoY) growth of 37 percent.

Paytm's subscription devices, Soundbox, and PoS machines continue to see increased acceptance by merchants.

The company continues to remain the market leader in merchant payments, with the number of merchants paying subscriptions for payment devices has reached 79 lakhs as of June 2023, which shows an increase of 4 lakh devices in the month and 11 lakh devices in the second quarter of the financial year.

Consumer engagement on the Paytm Super App remains high with the average monthly transacting users at 9.2 crores, a growth of 23 percent YoY.

"Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential," the company said.

Paytm currently has seven active lending partners and it aims to on-board 3-4 partners this fiscal.

It announced its loan distribution partnership with Shriram Finance Limited on June 30.

The company also said that due to the earlier-mentioned system upgrade, the higher disbursals in June reflect the pent-up demand from April being met in May.

In the results of the last quarter of Fiscal Year 2023-24, Paytm reported a 51 percent YoY growth in revenue from operations to Rs 2,334 crore, driven by growth in payments and loan distribution business.

With inputs from IANS