Paytm stock rises as merchant payment volumes increase 72% YoY for July-August 2022
One97 Communications Limited (Paytm) disclosed its operational performance for July-August 2022 and reported continued growth in its payment and credit business.
The company’s loan distribution activity expands to 6.0 million loan disbursements in the two months ended August 2022 (a 246% year-over-year increase), totaling 4,517 crores of rupees ($568 million), registering a growth of 484% year-on-year.
Its consumer engagement is at an all-time high on the Paytm super app, with an average monthly transaction user (MTU) of 78.8 million for the two months ending August 2022, a 40% year-on-year increase annual.
Paytm’s merchant payment volumes (GMV) increased by 72% year-on-year for the two months ending August 2022, reaching Rs2.10 Lakh crore ($26 billion).
“We continue to work with our partners to assess the evolving macro environment and therefore some deceleration in our growth is to be expected. That said, Paytm continues to see ample growth and upselling prospects in this sector and focuses on book quality,” the company said in a company filing.
The total number of devices deployed in the offline payments market now exceeds 4.5 million. Strong device adoption delivers better payment volumes, subscription revenue, and better merchant loan distribution with Paytm’s subscription as a service model.
At around 12:43 p.m., Paytm was trading at Rs713.50 apiece, up 0.69% from its previous close of Rs708.60 on BSE. The certificate touched the intraday high and low of Rs724.75 and Rs711.05 respectively.