Paytm says lending grew 449% in April

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Mumbai: One97 Communications, the parent company of Paytm, said it disbursed 26.4 lakh in loans in April 2022, an increase of 449%, over 4.8 lakh in the same month last year. Loans disbursed increased by 749% to Rs 1,657 crore in terms of value from Rs 195 crore in April 2021. The company said its offline payments, mobile app user engagement and Merchant payment volumes had also increased.
The disclosures precede the fourth quarter financial results on May 20. April 2022 figures take into account the impact of RBI’s directive prohibiting Paytm Payments Bank from onboarding new customers on March 12 until it gives the green light after an audit by a technology specialist some information.
Paytm’s lending business involves disbursing loans on behalf of other banks and finance companies for which it receives a fee. The company said it has seen an increase in the average ticket size due to the surge in personal loan activity.
Total merchant GMV (gross merchandise value) processed through Paytm’s platform in April 2022 stood at around Rs 0.95 lakh crore, marking a 102% year-on-year growth. The company said monthly transacting users of the super app, which provides everything from money transfers, bill payments, ticket purchases and vaccine booking slots, increased by 44% from year-on-year to reach 7.3 crore in April 2022.
The company has deployed 32,000,000 QR codes, QR payment boxes and card readers at merchant points of sale. “With an average rate of 300,000 deployments per month, we expect this growth to contribute to an increase in the number of merchants eligible for loans,” the company said.
Total loans disbursed by lenders on Paytm includes both consumers and merchants, but excludes the number and value of loans made by third parties through advertising on Paytm and aggregation of EMIs on readers Cards.
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