Fintech firm Paytm's average monthly users increase by 19% to 9.3 crore

Fintech company Paytm on Thursday said its average monthly users rose by 19 per cent on-year to 9.3 crore.

Merchant subscriptions stood at 82 lakhs, with 41 lakh new subscriptions over the year, according to the filing. Sequentially, the company saw merchant subscriptions increase by about 4 lakh in July 2023, Paytm said in a filing.

Payment volumes for merchants or Gross Merchandise Values (GMV) rose 39 per cent on-year at Rs 1.47 lakh crore.

"We continue to see increase in GMV of non-UPI instruments like EMI and cards. We are focused on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential," the company said.

The fintech platform said it doled out 43 lakh loans in the month of July, making the total value of loans distributed in the month to Rs 5194 crore, at a whopping yearly growth of 148 per cent.

The company will discontinue monthly disclosures of operating metrics starting September 2023, since their business model "has achieved scale," the company said.

"As we had previously mentioned in our Q4 FY 2023 Earnings Presentation, we will, given our business model is established and has achieved scale," Paytm said.

The company will share the disclosures quarterly, it added.

Paytm reported a narrowing of loss to Rs 358.4 crore in its June quarter, having posted a loss of Rs 645.4 crore in the same period a year ago.