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Paytm records 20% rise in monthly users in July-August, GMV up 43%

LivemintLivemint · 1y ago
Paytm records 20% rise in monthly users in July-August, GMV up 43%
Medial

In August 2023, Paytm disclosed that it disbursed loans amounting to ₹5,517 crore ($667 million) through its lending platform. The company also reported a 43% year-on-year increase in its merchant payment volumes (GMV) to ₹3 trillion ($36.3 billion) in July-August 2023, up from ₹2.1 trillion during the same period in 2022. Additionally, Paytm experienced a significant rise in GMV for non-UPI instruments like EMI and cards. The company's loan distribution business, in partnership with lending partners, grew by 137% year-on-year, with disbursements totaling ₹10,710 crore ($1.3 billion) in July-August 2023. The number of loans increased by 47% year-on-year, reaching 8.8 million during the same period. Paytm deployed 8.7 million devices as of August 2023, a year-on-year increase of 4.2 million devices. The company attributed its strong performance to its subscription-as-a-service model, which boosted subscription revenues, payment volumes, and merchant loan distribution. Paytm also emphasized its commitment to improving the credit quality of loans and highlighted reduced expected credit loss (ECL) figures for Paytm Postpaid. Despite potential subdued growth in the lending industry, Paytm remains focused on portfolio performance and plans to onboard three to four new lending partners in FY24.

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Paytm hits milestone of 100 million monthly transacting users

OutlookIndiaOutlookIndia · 1y ago
Paytm hits milestone of 100 million monthly transacting users
Medial

Fintech platform Paytm has achieved a significant milestone of crossing 100 million monthly transacting users. The company reported strong revenue growth, driven by accelerated GMV growth and expansion of its financial services business. Paytm anticipates that the adoption of artificial intelligence (AI) in its operations will further enhance its financial services, marketing, and customer relations. The company is leveraging AI in various areas, including product development, creating operating efficiencies, and enhancing payment monetization. Paytm expects to capitalize on monetization opportunities through merchant subscriptions, MDR on payments, government incentives, merchant lending, and marketing services.

PhonePe’s merchant app MAUs on rise as Paytm falls behind

EntrackrEntrackr · 1y ago
PhonePe’s merchant app MAUs on rise as Paytm falls behind
Medial

Digital payments platform PhonePe has managed to eclipse its arch rival Paytm by a decent margin in terms of monthly active users of its merchant app, according to data sourced from App Annie. The data was recorded between mid January to mid March. Paytm lost 20% MAU in the last quarter (between January and March), while PhonePe gained 20% during the same period. Roughly, Paytm’s MAUs stood at 9 million in March whereas PhonePe had around 11 million, as per the data. As of 2023, PhonePe and Paytm had over 37 million registered merchants base each. The recent actions by the Reserve Bank of India against Paytm appears to be the primary reason behind this as the company saw a sharp fall in active users after January this year. To recall, RBI had imposed restrictions on Paytm due to concerns regarding breach of and compliance with regulatory norms in January. However, Paytm later received permission from the National Payments Corporation of India (NPCI) to participate in UPI through the Third-Party Application Provider (TPAP) under the multibank model. This move enabled Paytm users and merchants to continue using UPI services, including autopay mandates, without interruption. A separate report also suggested that RBI’s diktat on Paytm has triggered a major shift in the digital payments landscape for kirana stores. The report citing a survey, conducted by Kirana club, revealed that more than 40% kirana stores have already switched from Paytm to other alternatives such as PhonePe, BharatPe and GooglePay. As per the survey, the exodus was likely to go up in coming months. PhonePe and Paytm did not comment on the story. Besides PhonePe, Khatabook’s merchant app also saw a sharp growth in terms of active users while BharatPe for Merchants remained flat in the past couple of months, as per App Annie data. Interestingly, the active users of Khatabook’s merchant app were inching closer to Paytm as of mid-March. Among the UPI-based consumer facing payments apps, PhonePe is far ahead of its peers and controls nearly 50% market share followed by Google Pay and Paytm Payments Bank with around 35% and 12% market share respectively.

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