Business News | Paytm Leadership Strengthens as Fintech Firm's Loan Distribution Jumps 150 Pc During Oct-Nov
Get latest articles and stories on Business at LatestLY. The fintech firm Paytm's loan distribution business scaled to 6.8 million loans disbursed during the two months ended November 2022, a year-on-year growth of 150 per cent.
New Delhi [India], December 12 (ANI): Paytm's loan distribution business through its platform continued to witness accelerated growth.
The fintech firm's loan distribution business scaled to 6.8 million loans disbursed during the two months ended November 2022, a year-on-year growth of 150 per cent.
Also Read | PM @narendramodi Urges Citizens to Visit PM Sangrahalaya.
The “Light & Sound Show at … – Latest Tweet by PIB India.
Total aggregate loan disbursements during these two months under review were at Rs 6,292 crore with a yearly growth of 374 per cent, according to a stock exchange filing shared by the company on Monday.
"We see a significant growth runway given low current penetration, while we continue to work with our partners to remain focused on the quality of the book," it said in the stock exchange filing.
Further, in the offline payments segment, it strengthened its leadership with more than 5.5 million merchants now paying subscriptions for the payment devices.
"With our subscription as a service model, the strong adoption of devices drives higher payment volumes and subscription revenues, while increasing the funnel for our merchant loan distribution," it said.
Moreover, Paytm's monthly transacting users (MTU) too are on a rise. The average MTU for the two months was 84 million, registering a yearly growth of 33 per cent.
This consumer and merchant ecosystem has led the company to amass merchant payment volumes (Gross Merchandise Value) for the two months ended November 2022 at Rs 2.28 lakh crore with a yearly growth of 37 per cent.
The filing further went on to say that the company's focus over the past few quarters continued to be on payment volumes that generate profitability -- either through net payments margin or from direct upsell potential.
Separately, Paytm has been in the news for its proposed buyback. The company's board will meet on Tuesday to discuss the plan. Post the formal approval, Paytm is expected to share more details with the stock exchanges. The news of a buyback has instilled investor confidence as it reassured that the Paytm management is sure of its growth and profitability plans. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)