New Delhi, Jan 9 (UiTV/IANS) – Leading payments and financial services company Paytm on Monday announced its business operating performance for the third quarter in FY23, saying its robust growth continues with Gross Merchandise Value (GMV) for Q3FY23 at Rs 3.46 lakh crore.
The company said it continues to reign the market in offline payments with 5.8 million merchants now paying subscriptions for payment devices, while user engagement also continues to grow.
In its stock exchange filing, Paytm said that the aSuper App’ continues to see growing consumer engagement for its wide array of payment and financial services.
The company’s average monthly transacting users (MTU) for the quarter ended December 2022 stood at 85 million, registering a robust growth of 32 per cent (year-on-year).
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“Our payments and lending business continues to scale with strong adoption by consumers and merchants. We continue to remain focussed on execution and are confident on our profitability plans,a the company said.
Paytm reached a new milestone in offline payments with 3.8 million devices added year-on-year.
Highlighting its plans for its core payments business, the company said that with a focus on creating additional payment monetization beyond MDR, its focus on subscription services continues to expand.
“With our subscription as a service model, the strong adoption of devices drives higher payment volumes and subscription revenues, while increasing the funnel for our merchant loan distribution,” said Paytm.
The company’s loan distribution business, in partnership with top lenders, continues to witness an accelerated growth with disbursements growing 330 per cent YoY.
Loans worth Rs 3,665 crore were disbursed in the month of December. The number of loans grew 117 per cent YoY to 3.7 million for December, and 137 per cent to 10.5 million cumulative loans for the three months, ended December 2022.
As a result, total disbursements for three months ended December 2022 was Rs 9,958 crore, a growth of 357 per cent YoY.
The total merchant GMV processed through the platform for Q3FY23 aggregated to Rs 3.46 lakh crore ($42 billion), marking a YoY growth of 38 per cent.
“Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential,” the company said in its stock exchange filing.
In Q2FY23, Paytm reported a sustained revenue growth at Rs 1,914 crore and a sharp improvement in EBITDA before ESOP cost by Rs 108 crore QoQ.
The company’s EBITDA (before ESOP) loss stood at Rs 166 crore, a sharp improvement of 15 per cent QoQ and Rs 259 crore YoY despite continued investments in sales, technology and marketing.
The EBITDA before ESOP cost improved by Rs 201 crore in the past two quarters, said the company.
Paytm Payments Bank appoints veteran banker Surinder Chawla as MD, CEO
Homegrown Paytm Payments Bank Ltd (PPBL) on Sunday appointed veteran banker Surinder Chawla as its new Managing Director (MD) and Chief Executive Officer (CEO).
The appointment has been approved by the Reserve Bank of India for a period of three years, the company said in a statement.
“His rich experience in banking and deep understanding of the Indian financial landscape will bring the necessary expertise to further empower Paytm Payments Bank’s mission,” said Vijay Shekhar Sharma, Chairman of Paytm Payments Bank Board.
Chawla has worked across marquee institutions such as HDFC Bank, RBL Bank, ABN Amro Bank, and Standard Chartered Bank.
He joins PPBL from RBL Bank, where he served as Head – Branch Banking and focused on expanding the CASA base, fee revenue, and cross-selling across channels.
“As we continue on our journey to provide accessible, convenient banking options to all of our customers with the highest standards of compliance and operational excellence, I am excited to contribute to our shared mission of driving large-scale financial inclusion,” said Chawla, MD and CEO, Paytm Payments Bank.
Prior to joining RBL Bank in 2013, Chawla spent about 12 years in key senior management positions at HDFC Bank, culminating in his role as Head of the Retail Liabilities Product Group.
The latest appointment comes as part of PPBL’s ongoing efforts to strengthen its leadership team, enhance its technology capabilities and drive financial inclusion in the country.
Chawla’s expertise will be a great addition to PPBL as it continues to serve customers with its innovative products and services.
The appointment will become effective upon the completion of the requisite regulatory formalities, said the company.
