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

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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.