• Continued expansion of consumer base with average monthly transacting users (MTU) at 9.2 crore for the quarter to date (average for April & May 2023), up 24% YoY
• Our leadership in payment monetization continues, as subscription devices for payment devices like Soundbox and POS machines continue to see increased acceptance by merchants. The number of merchants paying subscriptions for payment devices has reached 75 lakh as of May 2023, an increase of 4 lakh devices in the month
• Merchant Payment Volumes (GMV) for the quarter to date (for April & May 2023) stood at Rs 2.65 Lakh Cr ($32.1 billion), YoY growth of 35%
• Continued scale in our loan distribution business with disbursements of Rs 9,618 Cr ($1.2 billion, YoY growth of 169%) and 85 lakh loans (YoY growth of 54%) distributed in the quarter to date (for April & May 2023)
We have achieved sustained growth in our core payments and loan distribution business, with our device deployment, increased to 75 Lakh. Consumer engagement is at its highest on Paytm Super App with an average MTU at 9.2 crore for the month of April & May 2023, up 24% y-o-y.
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Our Super App continues to see growing consumer engagement with the average MTU for the quarter to date (for April & May) at 9.2 crore, registering a growth of 24% YoY.
We continue to strengthen our leadership in offline payments, with 75 lakh merchants now paying subscriptions for payment devices, an increase of 4 lakh in the month of May 2023. With our subscription-as-a-service model, the strong adoption of devices drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution.
The total merchant GMV processed through our platform for the quarter to date (for April & May) was Rs 2.65 Lakh Cr ($32.1 billion), marking a YoY growth of 35%. Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential.
Our loan distribution business (in partnership with large lenders) continues to witness robust growth with total disbursements through our platform for the quarter to date (for Apr & May) growing 169% YoY to Rs 9,618 Cr ($1.2 billion).
As we had previously shared in April, one of our partners for the merchant loan distribution undertook a comprehensive technology systems upgrade at their end, which had an impact, particularly on loan upsell to existing merchants of that partner.
The system upgrade is now done and our partner has resumed disbursing merchant loans, with some pent-up demand from April being met in May.
We continue to see growth in the distribution of Postpaid and Personal Loans. We have partnered with large NBFCs and Banks and we continue to focus on the quality of loans distributed through our platform. We currently have 7 lending partners and we aim to onboard 3-4 partners in FY 2024.
