Biznextindia : Fintech platform Paytm has reported 20% Y-oY rise in Average Monthly Transacting Users (MTU) to 9.4 crore in August. The company has also reported significant growth in offline payments with 87 lakh merchants now paying subscription for payment devices, an increase of 42 lakh devices in the past 12 months and 5 lakh devices in the month of August.
Merchant Payment Volumes (GMV) for quarter to date (for July & August) stood at Rs 3.0 Lakh Cr ($36.3 billion), y-o-y growth of 43%.
“We continue to see increase in GMV of non-UPI instruments like EMI and cards. Growth in payments volumes drives profitability for us, through net payments margin and / or from direct upsell potential” said one97 communications, the holding company of Paytm.
“Our loan distribution business (in partnership with large lenders) continues to witness healthy growth with total loans distributed through our platform for the quarter to date (for Jul & Aug) growing 137% yo-y to Rs 10,710 Cr ($1.3 billion)” it added.