• Average monthly transacting users (MTU) stood at 90 million for the quarter (average for three months ended March 2023), up 27% y-o-y, reflecting the continued expansion of our customer base
• Subscription devices like Soundbox and POS machines continue to see increased acceptance by merchants, driving additional payment monetization for us. The number of merchants paying subscriptions for payment devices has reached 6.8 million as of March 2023, an increase of 1.0 million in the quarter
• Merchant Payment Volumes (GMV) for the quarter (for three months ended March 2023) stood at Rs 3.62 Lakh Cr ($44 billion), y-o-y growth of 40%
• Our loan distribution business (in partnership with our lender partners) continues to gain scale with disbursements of Rs 4,468 Cr ($544 million, y-o-y growth of 206%) and 4.1 million loans (y-o-y growth of 63%) disbursed in the month of March 2023 through the Paytm platform
We have achieved sustained growth in our core payments and loan distribution business, with our device deployment, increased to 6.8 million. We are continuously growing in payments and loan distribution business with leadership in loan disbursements of Rs 4,468 Cr ($544 million) in the month of March 2023 through the Paytm platform.
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Our Super App continues to see growing consumer engagement on the Paytm Super App with the average MTU for the quarter (for three months ended March) at 90 million, registering a growth of 27% y-o-y.
We continue to strengthen our leadership in offline payments, with 6.8 million merchants now paying subscriptions for payment devices, an increase of 1.0 million in the quarter that ended March 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 (for three months ended March) was Rs 3.62 Lakh Cr ($44 billion), marking a y-o-y growth of 40%. 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 top lenders) continues to witness accelerated growth with total disbursements through our platform for the quarter (for three months ended March) growing 253% y-o-y to Rs 12,554 Cr ($1,528 million).
Our payments consumer and merchant base offers a large addressable market, thereby providing a long runway for growth. We continue to work with our partners to remain focused on the quality of the book.