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One97 Communications, which owns payments and financial services platform Paytm, on Monday said its average consumer engagement was at its highest during the October-December quarter of 2022, an increase of 32 per cent on a yearly basis.
During the said quarter, the overall engagement on its Paytm Super App platform in terms of average monthly transacting users (MTU) was at 85 million, it apprised stock exchanges through a filing. "With a focus on creating additional payment monetization beyond MDR (Merchant Discount Rate), our focus on subscription services continues to expand," Paytm said in the filing. Further, the total number of merchants paying subscription for payment devices of Paytm has reached 5.8 million as of December 2022, an addition of one million devices in the said quarter that ended in December 2022. Merchant payment volumes (GMV) for the quarter was at Rs 3.46 lakh crore (about USD 42 billion) with yearly growth of 38 per cent. Paytm's focus over the past few quarters continued to be on payment volumes that generate profitability for the fintech company -- either through net payments margin or from direct upselling. "We continue to strengthen our leadership in offline payments, with 5.8 million merchants now paying subscription for 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," the filing read. Moreover, loan distribution business vertical of Paytm too continued to scale up. Its loan distribution business (in partnership with top lenders) continues to witness an accelerated growth with disbursements through its platform at Rs 3,665 crore just in the month of December, growing 330 per cent on a yearly basis. Total disbursements for the October-December quarter was 357 per cent higher on year at Rs 9,958 crore. (ANI)
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