Paytm disburses Rs 5,517 crore loans in August, deploys 87 lakh devices for offline payments

Paytm said it disbursed USD 667 million (Rs 5,517 crore) loans through its platform and deployed 87 lakh devices for offline payments

New Delhi: Fintech major Paytm on Tuesday said it disbursed USD 667 million (Rs 5,517 crore) loans through its platform and deployed 87 lakh devices for offline payments in August.

The Vijay Shekhar Sharma-led fintech platform said in a regulatory filing that on an average 9.4 crore users transacted through Paytm monthly during July and August this year, which was 20 per cent higher than the average number of users recorded during the same period last year.

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“Our loan distribution business (in partnership with our lender partners) continues to gain scale with disbursements of Rs 10,710 cr (USD 1.3 billion, y-o-y growth of 137 per cent) and 88 lakh loans (y-o-y growth of 47 per cent) disbursed in quarter to date for the month of July and August 2023 combined, through the Paytm platform,” the company shared in its operating performance report for August.

The number of merchants paying subscription for payment devices stood at 87 lakh as of August 2023, which is an increase of 42 lakh devices year-on-year, Paytm added.

Merchant Payment Volumes (GMV) for the Antfin-backed firm stood at Rs 3 lakh crore (USD 36.3 billion) during July and August, registering an on-year growth of 43 per cent.