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Paytm’s merchant payment push continues
July 06, 2023
Digital payment major Paytm’s aggressive growth in the offline point-of-sale sector continued in June, with the company deploying 4 lakh new terminals.
In a press note issued on Wednesday morning, Paytm said that the number of devices it had deployed in the market had shot up to 79 lakh.
The company’s gross merchandise value (GMV) merchant transactions settled by Paytm stood at ₹1.4 lakh crore in June. In the three months between April and June, its GMV was ₹4.05 lakh crore. Year on year, Paytm’s GMV grew 37% from ₹2.96 lakh crore in June 2022.
Not only did Paytm scale up its payment volumes, the credit business expanded as well. The company said that it had disbursed around ₹5,227 crore worth of loans in June alone. In the last three months, Paytm has reported a disbursal of 1.28 crore loans to the tune of ₹14,845 crore.
The credit business grew 167% from ₹5,554 crore in June 2022.
The company’s monthly transacting user base remained at around 9.2 crore, rising 23% year on year.
Paytm’s aggressive growth in the merchant payments space is taking place at a time when its closest rival, PhonePe, has ventured into merchant loans. The company is focussing on acquiring offline merchants as its online payment gateway cannot acquire fresh merchants due to a diktat from the central bank.
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