One97 Communications Limited (OCL) which owns the brand Paytm, India’s leading digital payments and financial services company, on Tuesday shared its business updates for January 2022. The company has witnessed accelerated growth in its lending business, while it further deepens its leadership in the offline payments segment, which has resulted in the highest ever growth in Monthly Transacting Users and continued growth in its GMV.
Paytm spokesperson said, “Paytm is witnessing a broad growth across our platform as we continue to register increased adoption of our lending products, Paytm Postpaid (BNPL), merchant loans and personal loans. We are also continuously expanding our offline payments business, with more devices being deployed across the country. Our efforts are seen in the trust our consumers and merchants place in us, as we see record user engagement on the platform.”
Lending witnesses accelerated adoption: The number of loans disbursed through the platform grew 331 percent y-o-y to 1.9 million loans in Jan 2022, while the value of loans disbursed was Rs 921 crore, an increase of 334 percent y-o-y. The business saw increased adoption of our lending products, despite some temporary impact of Omicron over a short period of time on merchant lending disbursal volumes.
One hundred five percent y-o-y growth in GMV: GMV processed through the platform during January-22 aggregated to approximately INR 83,481 crore ($11.2 billion).
Records highest-ever user engagement: Average monthly transacting users (MTU) in January 2022 was 68.9 million, a growth of 40 percent Y-o-Y.
Over 2.3 million devices were deployed across the country as of the end of January 2022, a measure of offline payments leadership.