Paytm said its loan disbursements grew 330 per cent year-on-year in December 2022 at ₹3,665 crore.
The digital payments company disbursed loans worth ₹9,958 crore in the December quarter, up to 357 per cent year-on-year, it said in a business update for December 2022 that filed the stock exchanges on Monday.
The number of loans in December grew from 117 per cent yoy to 3.7 million, and 137 per cent yoy to 10.5 million cumulative loans for the three months ending December 2022.
Paytm also added one million payment devices in the quarter, and the number of merchants paying subscriptions on payment devices touched 5.8 million as of December 2022.
“With ours subscription-as-a-service model, the strong adoption of hardware drives higher payment volumes and subscription revenues, while increasing the funnel for our merchant loan distribution,” Paytm said.
One 97 Communications, which owns the Paytm brand, said consumer engagement on the Paytm Super App was at its highest, with the average monthly transacting users at 85 million for the quarter ended December 2022, up 32 per cent on a yearly basis.
“The total merchant GMV processed through our platform for the quarter ended December 2022 aggregated to ₹3.46 lakh crore ($42 billion), marking 38 per cent yoy growth. Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through the net payments margin or from direct upsell potential,” Paytm said.