One97 Communications Limited (OCL), brand owner of Paytm, India’s leading digital payments and financial services company, shared its January 2022 business updates on Tuesday. The company has seen accelerated growth in its lending business, while further strengthening its leadership in the offline payments segment, which has driven the highest ever growth in monthly transacting users and continued growth in its GMV.
The Paytm spokesperson said, “Paytm is experiencing broad growth on our platform as we continue to see increased adoption of our lending products, Paytm Postpaid (BNPL), Merchant Loans and Personal Loans. We are also continually growing our offline payments business, with more devices being rolled out across the country. Our efforts are reflected in the trust our consumers and merchants place in us, as we see record user engagement on the platform.
Loan witnesses accelerated adoption: the number of loans disbursed through the platform increased 331% year-on-year to 1.9 million loans in January 2022, while the value of loans disbursed was 921 crores of rupees, an increase of 334% year-on-year. The business saw increased adoption of our lending products, despite some temporary impact from Omicron over a short period of time on merchant loan disbursement volumes.
105% YoY Growth in GMV: GMV processed through the platform during January 22 totaled approximately INR 83,481 crore ($11.2 billion).
Highest User Engagement Record Ever: The average number of monthly transactional users (MTU) in January 2022 was 68.9 million, a 40% year-on-year growth.
Over 2.3 million devices deployed across the country by the end of January 2022, a measure of offline payments leadership.
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