Paytm June’23 Operating Metrics: Merchant payments volume surges 37% YoY to ₹4.05 Lakh Cr, deploys 79 Lakh devices in Q1FY24

• Continued expansion of consumer base with average monthly transacting users (MTU) at 9.2 Cr for the quarter (average for three months ended June 2023), up 23% YoY

• Our leadership in payment monetization continues, as subscriptions for payment devices like Soundbox and POS machines continue to see increased acceptance by merchants.

• Number of merchants paying subscriptions for payment devices has reached 79 lakh as of June 2023, an increase of 4 lakh devices in the month and 11 lakh devices in the quarter

• Merchant Payment Volumes (GMV) for the quarter (for three months ended June 2023) stood at ₹4.05 Lakh Cr ($49.3 billion), with YoY growth of 37%

• Continued scale in our loan distribution business with disbursements of ₹14,845 Cr ($1.8 billion, YoY growth of 167%) and 1.28 Cr loans (YoY growth of 51%) distributed in the quarter (for three months ended June 2023)

We have achieved sustained growth in our core payments and loan distribution business, with our device deployment, increased to 79 Lakh. Consumer engagement is at its highest on Paytm Super App with an average MTU at 9.2 crore for the quarter (average for three months ended June 2023), up 23% YoY. 

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The Paytm Super App continues to see growing consumer engagement with the average MTU for the quarter (for three months ended June 2023) at 9.2 crore, registering a growth of 23% YoY.

We continue to strengthen our leadership in offline payments, with 79 lakh merchants now paying subscriptions for payment devices, an increase of 11 lakh devices in the quarter. 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 (for three months ended June 2023) was ₹4.05 Lakh Cr ($49.3 billion), marking a YoY growth of 37%. 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 (for three months ended June 2023) growing 167% YoY to ₹14,845 Cr ($1.8 billion).

MoM loan distribution trend in June reflects the higher disbursal in May which included pent-up demand for merchant loans from April due to one of our partners not disbursing as they were upgrading their systems.

Our focus remains on asset quality by continuously reviewing our partners’ cohort data and tightening credit policy wherever needed proactively. This reflects in the growth of the value of loans distributed in the quarter.

We continue to build partnerships with large NBFCs and Banks. We currently have 7 active lending partners and we aim to onboard 3-4 partners in FY 2024. On 30 June 2023, we announced a loan distribution partnership with Shriram Finance Limited.