One97 Communications, which owns the Paytm brand, on Friday said its total loan disbursals grew 296 per cent to 2.9 million in July 2022 (0.7 million in July 2021), while the value of loans disbursed in the month increased 512 per cent to ₹2,090 crore (₹341 crore).

“Our loan distribution business is annualising a run rate of ₹25,000 crore, and we believe there is ample opportunity for upsell in this business. We are being conservative on the quality of the book (especially given the possibility of macro headwinds),” the company said in its latest Operating Performance Update for July 2022, filed with the stock exchanges.

Merchant payment volumes (GMV) grew 82 per cent year-on-year to ₹1.06 lakh crore ($13 billion) in July 2022. 

The average monthly transacting users (MTUs) on the Paytm Super App in July 2022 stood at 77.6 million, registering a growth of 41 per cent year-on-year.

Paytm has deployed 4.1 million devices at merchant stores across the country. This strong adoption of devices, in turn, drives higher payment volumes, subscription revenues, as well as merchant loan distribution. 

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