Digital payments and financial services major Paytm reported a 72 per cent year on year (YoY) growth in total merchant payments volume for the two months ended August 2022.
“The total merchant GMV processed through our platform for the two months ended August 2022 aggregated to Rs 2.10 lakh crore, marking a YoY growth of 72 per cent,” it said in its operating performance update for July and August 2022. It stood at ₹1.22 lakh crore for July and August 2021.
In a filing on stock exchanges on Tuesday, Paytm further said its loan distribution business registered a 246 per cent YoY growth, scaling up to 60 lakh loan disbursals in the two months ending August 2022 as against 17 lakh disbursals in the same period a year ago. In terms of value, loan disbursements grew 484 per cent year on year to ₹4,517 crore for the two months ended August 2022.
“Our loan distribution business (in partnership with top lenders) continues to witness accelerated growth with disbursements through our platform now an annualised run rate of over ₹29,000 crore in August,” Paytm said.
Reviewing the environment
It cautioned that it continues to to work with partners to review the evolving macro environment and accordingly moderation may be expected in growth.
“That said, we continue to see ample growth and upsell opportunities in this business and are focusing on the quality of the book,” it said.
The company said it continues to strengthen its leadership in offline payments, and has deployed 45 lakh devices at merchant stores across the country.
Shares of One97 Communications, the parent company of Paytm, closed 0.41 per cent higher at ₹711.5 apiece on BSE on Tuesday.