Paytm gains on strong loan disbursal growth in December, adds 1 million devices in Q3
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The digital payments company also added 1 million payment devices during Oct-Dec and the number of merchants paying subscription for payment devices touched 5.8 million as of December 2022.
Paytm recorded sustained growth in the payments and loan distribution business in December 2022 and disbursed loans worth Rs 3,665 crore ($443 million) in the given period, growing 330 percent on year, the company stated in a media release on January 9.
The digital payments company also added one million payment devices during October-December and the number of merchants paying subscription for payment devices touched 5.8 million as of December 2022.
On back of this development, the stock opened higher on January 9. At 9:45 am, it was quoting at Rs 570.35 apiece on the National Stock Exchange, up by 3.45 percent.
Also read: Paytm founder Vijay Shekhar Sharma may not be eligible for stock options: Proxy firm
According to One 97 Communications, the parent company of Paytm, the company’s consumer engagement was at its highest on the Paytm Super App with average monthly transacting users at 85 million for the quarter ended December 2022, up 32 percent on a yearly basis.
“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,” the company stated in the press release.
Also read: Paytm Payments Bank gets RBI approval to appoint Surinder Chawla as MD and CEO
Paytm also posted consistent growth in total merchant payments volume as the total merchant GMV (gross merchandise volume) aggregated to Rs 3.46 lakh crore ($42 billion) for the quarter ended December 2022, marking a year-on-year growth of 38 percent, the company stated.
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