Total gross merchandise value (GMV) at payments and financial services firm Paytm grew 35 per cent year-on-year to about Rs 2.65 lakh crore in April and May. Paytm’s average monthly transacting users (MTU) also increased by 24 percent to 9.2 crore in the last two months. Paytm has increased its share in offline payments in the last few years. It has installed 75 lakh devices with merchants to accept payments. This number has increased by approximately four lakhs last month. The company said, “Our subscription service model has been accompanied by an increase in devices. This has also led to an increase in subscription revenue and payment volume. Over the last few quarters, we have focused on payment volume. This will help in improving the net payments margin or direct sales. Get profit.” Paytm’s loan distribution business is also growing. In the last two months, this business grew by 169 percent on year-on-year basis to Rs 9,618 crore. Paytm said that it has seven big lending partners. The company aims to add three to four partners in the current financial year. Last year, the Enforcement Directorate (ED) had sought information from Paytm regarding the investigation being conducted against some merchants. ED had searched some premises of One 97 Communications, which runs Paytm. In this regard, the company spokesperson had said that no new information was investigated in this ED search. ED has sought information about some merchants from various payment service providers. The spokesperson had said, “We have provided the necessary information.” The company Paytm had said in a regulatory filing, “ED has sought information about such merchants to whom we provide payment processing solutions. We want to clarify that these merchants are separate entities and none of them are part of our group. Not an entity.” Along with this, the company had said that ED had not given instructions to block any merchant associated with it or its group entities. In this case, ED had also raided some firms related to cryptocurrencies.
Merchant payments on Paytm’s app increased by 35 percent to Rs 2.65 lakh crore.
