Paytm surpasses 75 lakh merchant devices milestone

New Delhi India’s leading payments and financial services company Paytm on Monday announced its business operating performance for the two months ended May 2023.

Consumer engagement on the Paytm Super App continues to see robust expansion of its consumer base with the average Monthly Transacting Users (MTU) for the two months ended May 2023 at 9.2 crore, registering a growth of 24 per cent year-on-year. As it strengthens its leadership in offline payments, the QR pioneer said it achieved a new milestone with 75 lakh devices deployed, an increase of 4 lakh devices in the month of May. "With our subscription as a service model, the strong adoption of devices drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution," the company said. Paytm is seeing consistent growth in merchant payments volume with the total merchant Gross Merchandise Value (GMV) processed through the platform for the two months ended May 2023 aggregating to Rs 2.65 lakh crore ($32.1 billion), marking a year-on-year growth of 35 per cent.