Paytm logs new record in lending business, strengthens payments leadership
- IBEF
- February 16, 2022
One97 Communications Limited (OCL), which owns the Paytm brand, released its January 2022 business updates on 15th February. The company's loan division has seen rapid growth, while its leadership in the offline payments category has grown even more, resulting in the biggest ever growth in Monthly Transacting Users and continuing growth in its GMV.
This growth in mainly triggered by Paytm’s increasing emphasis on lending products such as merchant and personal loans, offline payments, and Paytm Postpaid (BNPL).
Here are the main highlights from the update:
- Increased loan adoption: The number of loans disbursed through the platform increased 331% YoY to 1.9 million loans in January 2022, while the value of loans disbursed increased 334% YoY to Rs. 921 crore (US$ 122.29 million).
- GMV growth: GMV processed through the platform during January-22 aggregated to around Rs. 83,481 crore (US$ 11.2 billion).
- Record user engagement: average monthly transactional users (MTU) reached 68.9 million in January 2022, up 40% YoY.
- Offline payments: As of the end of January 2022, there were over 2.3 million devices installed across the country, indicating offline payments leadership.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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