We are the leaders of in-store payments, providing one-stop solution to all the payment needs of our users and merchant partners. With our innovative products and technology, its reach, wide variety of use cases, and easy payment process, we have played a major role in empowering merchants from every corner of the country.
From street vendors, small stores to malls, our products like Paytm QR, Paytm Soundbox, and Paytm Card Machines can be found everywhere. We have helped businesses of all sizes to grow and participate in the digital economy with our innovative mobile payment solutions. Our extensive merchant network and aggressive merchant acquisition strategy have also propelled it to a formidable position in mobile payments.
At the same time, for the customers, UPI and UPI Lite have enabled them to go cashless. They can make the payments py simple ‘Scan and Pay’ process.
Payments offerings such as Paytm QR are our primary means to onboard offline merchants, which allows us to create a large payment network. Similarly, products like Soundbox and Card Machine have helped us to increase merchant engagement and retention in our ecosystem with attractive monetisation characteristics.
We have strengthened our leadership in offline payments, with 82 lakh merchants now paying subscriptions for payment devices, an increase of 3.8 lakh devices in July 2023, as compared to June 2023. Expansion of the consumer base has also been seen with an average monthly transacting users (MTU) at 9.3 crore as of July, up 19% YoY.
We believe India has the potential of at least 10 crore merchants and more than 50 crore payment users in the near future. Our payments business is our acquisition engine which brings customers to our platform.
We also invest a significant amount of time and resources in enhancing the user experience and reviewing the needs of our consumers and merchants, and expanding our technological capabilities. We have in the past invested significantly in order to expand our technology capabilities, and technology teams, and strengthen our platform to host more services and products, and improve the user experience for the consumers and merchants, and will continue to do so.