New Delhi, Jun 5 (PTI) Fintech firm One97 Communications, which operates under the Paytm brand, has recorded a 35 per cent year-on-year rise in the gross merchandise value to Rs 2.65 lakh crore in April-May 2023, the company said on Monday.

It had posted a gross merchandise value (GMV) of Rs 1.96 lakh crore during April-May a year ago.

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"The total merchant GMV processed through our platform for the quarter to date (for April and May) was Rs 2.65 lakh crore (USD 32.1 billion), marking a YoY growth of 35 per cent. 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," Paytm said in its performance update.

The value of loans disbursed by Paytm through its partners more than doubled to Rs 9,618 crore in April-May this year from Rs 3,576 crore in the same period a year ago.

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The monthly transacting users on the company's app grew by 24 per cent to 9.2 crore during the reported period from 7.4 crore a year ago.

The payments devices installation by Paytm more than doubled to 75 lakh during April-May 2023 from 34 lakh.

"Our leadership in payment monetization continues, as subscription devices for payment devices like Soundbox and POS machines continue to see increased acceptance by merchants. The number of merchants paying subscriptions for payment devices has reached 75 lakh as of May 2023, an increase of 4 lakh devices in the month," Paytm said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)