Win win time for Paytm with 246 percent Year of Year growth

The Paytm Super App has witnessed 246 per cent Year on Year (YoY) growth during the two months ending August 2022, due to its lending business.

The popular payment app disbursed 6 million loans in the months of July and August and the cumulative value of these loans is Rs 4,517 crore. The total loans disbursed by financial institutions partners through Paytm’s platform include both consumer loans and merchant loans.

A super app is a platform developed by a company offering various services under one umbrella.

The company revealed that with a hope for the growth of the firm the company is continuing to work with its partners to review the evolving macro environment and accordingly moderation may be expected.

The company is hopeful to see ample growth and upsell opportunities in this business as they are focusing on the quality, official sources added. Further, the Paytm Super App continues to see heightened consumer engagement encouraged by company’s payment offerings.

The firm claimed that it continued to strengthen its leadership in offline payments. They deployed as high as 4.5 million devices at merchant stores across the country. Upon subscribing it as a service model, the strong adoption of devices driving higher payment volume, subscription revenue as well as merchant loan distribution.

Paytm stands for Pay through mobile, is a well-known app in India offering consumers and merchants a comprehensive payment services. It enables commerce for small merchants. It also distributes various financial services offerings to its consumers and merchants in partnership with financial institutions. Through it one can recharge and pay bills, book flights and movie tickets, open a savings account, invest in stock and mutual funds and do a lot more things.

Vijay Sekhar Sharma, CEO of Paytm said they are increasingly seeing merchants opt for devices, whether Paytm card machines or Soundbox, on their counter and this adoption of devices is almost certainly going to further accelerate.

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