Paytm Disbursed Over Rs. 5,500 Crore in Loans; While UPI Crosses 10 Billion Transactions in August

Fintech giant Paytm said on Tuesday it disbursed $667 million (Rs 5,517 crore) in loans through its platform and deployed 8.7 million devices for offline payments in August.

The Vijay Shekhar Sharma-led fintech platform said in a regulatory filing that between July and August this year, an average of 940 million users transacted through Paytm each month, 20 percent higher than the average number of users in the same period last year.

“Our loan distribution business (in collaboration with our lender partners) continues to scale, with Rs 1,071 crore disbursed (137% YoY) and 8.8 million loans (47% YoY) disbursed so far this quarter July and August 2023 Paytm platform consolidation,” the company shared in its operating results report for August.

Paytm added that as of August 2023, the number of merchants paying for payment devices was 8.7 million units, an increase of 4.2 million devices year-on-year.

The Antfin-backed company has a merchant payment volume (GMV) of Rs. Rs 3 billion in July and August, up 43% year-on-year.

Meanwhile, the National Payments Corporation of India (NPCI) said that the Unified Payments Interface (UPI) transaction volume crossed the 10 billion mark in August.

NPCI is the umbrella organization for all retail payment systems in India. UPI is used for instant money transfers 24/7 via mobile devices.

“Bang the drums please! UPI just broke a record with over 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 live through UPI Way to trade!” NPC explain on X, formerly known as Twitter.

According to NPCI data, the UPI transaction volume on August 30 was 10.24 billion. In value terms, the transaction totaled Rs. 15,18,456.4 crore.

The number of UPI transactions stood at 9.96 billion (Rs 99.64 billion) in July, up from 9.33 billion in June. In terms of value, the transaction totaled Rs. 15,33,645.20 crore.

UPI (Unified Payments Interface) is an instant payment system that allows users to transfer funds instantly to any bank account.


Affiliate links may be automatically generated – see our Ethics Statement for details.

Svlook

Leave a Reply

Your email address will not be published. Required fields are marked *