Paytm disbursed over Rs 5,500 crore in loans; While UPI passes 10 billion transactions in August
Fintech group Paytm announced on Tuesday that it had disbursed $667 million (Rs. 5,517 billion) in loans through its platform, deploying 87 lakh devices for offline payments in August.
The Vijay Shekhar Sharma-led fintech platform said in a regulatory filing that an average of 9.4 million users transacted monthly on Paytm in July and August this year, up 20 percent from the average number of users in the same period last year .
“Our loan distribution business (in conjunction with our lender partners) continues to grow with disbursements of Rs. 10,710 crore (137 per cent yoy growth) and 88 lakh loans (47 per cent yoy growth) in the quarter to date of the month July and August 2023 together via the Paytm platform,” the company said in its August operational performance report.
The number of merchants paying subscriptions for payment devices stood at 87 lakh in August 2023, up 42 lakh devices year-on-year, Paytm added.
Merchant payment volume (GMV) for the Antfin-backed company stood at Rs. 3 lakh crore in July and August, representing a 43 percent year-on-year growth.
Meanwhile, Unified Payments Interface (UPI) transactions surpassed 10 billion in August, the National Payments Corporation of India (NPCI) said.
NPCI is an umbrella organization for all retail payment systems in India. UPI is used for 24/7 instant money transfer via mobile devices.
“Drum roll please! UPI just broke records with a staggering 10 billion+ transactions. Join us in celebrating this incredible milestone and the power of digital payments. Let’s keep the momentum going and continue to revolutionize the way we transact with UPI!” NPCI said on X, formerly known as Twitter.
According to NPCI data, UPI transactions as of August 30 were 10.24 billion. In terms of value, the transaction had a total value of Rs. 15,18,456.4 crore.
The number of UPI transactions was 9.96 billion (996.4 crore) in July, up from 9.33 billion in June. In terms of value, the transactions totaled Rs. 15,33,645.20 crore.
UPI (Unified Payment Interface) is an instant payment system that allows users to instantly transfer funds to any bank account.
