India's Paytm registers over 100% year-on year growth in payment devices in July 2023

New Delhi: Paytm, India’s leading payments and financial services company and the pioneer of mobile and QR payments, has announced its business operating performance for July 2023.

The company continues to strengthen its leadership in in-store payments with 82 Lakh devices deployed, a growth of 101 per cent YoY. The company has added 3.8 lakh devices in a month as it achieves new milestones in in-store payments.

The fintech giant also continues to witness growth in merchant payment volumes with total GMV (gross merchandise value) processed through its platform for July 2023 was Rs 1.47 lakh crore ($17.9 billion), marking a YoY growth of 39 per cent. A robust expansion in consumer engagement on the Paytm app has been observed too with average monthly transacting users for July 2023 growing 19 per cent YoY to 9.3 crore.

“Our leadership in payment monetization continues with the launch of two new innovative devices – Paytm Pocket Soundbox and Paytm Music Soundbox,” Paytm said in its exchange filing.
Paytm's lending vertical continues to witness healthy growth with total loans distributed through its platform, in partnership with its top financial institutions, growing 148 per cent YoY to Rs 5,194 crore ($632 million). The number of loans disbursed increased 46 per cent YoY to 43 lakh in the month of July 2023.

“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,” the company said in its stock exchange filing.

In its recently announced Q1FY24 results (April-June 2023), Paytm reported a 39 per cent YoY growth in revenue from operations to Rs 2,342 crore, driven by an increase in merchant subscription revenue, jump in GMV, and growth in loan disbursements. The company reported an operating profit for the third straight quarter. Its EBITDA before ESOP cost has improved to Rs 84 crore as compared to Rs 52 crore in Q4FY23 (excluding UPI incentives).