Paytm, the popular
Digital payment platform, shared some impressive numbers in a recent report. According to its parent company, One 97 Communications, Paytm distributed loans worth Rs 5,517 crore in August. This means they provided financial help to many people and businesses.
In the first two months of this quarter (July and August), the number of people using Paytm for transactions went up by 20 percent compared to the same time last year. That’s a big increase, with 94 million people now using Paytm regularly.
When it comes to loans
Paytm has been doing exceptionally well. In July and August, they gave out loans worth Rs 10,710 crore. This is a huge 137 percent increase compared to the same period last year when they distributed Rs 4,517 crore in loans. Even in the previous quarter ending on June 30, they saw a significant increase of 167 percent in loan value, totaling Rs 14,845 crore.
Not only did Paytm provide more loans, but they also helped more people. In July and August, they approved 47 percent more loans, going from 6 million loans in 2022 to 8.8 million loans in 2023. In the previous quarter, ending on June 30, they saw a 51 percent increase in the number of loans, reaching a total of 12.8 million.
When we talk about the total value of transactions made through Paytm by businesses and individuals in July and August, it went up by 43 percent compared to last year, reaching a staggering Rs 3 trillion.
Paytm also mentioned that they are seeing growth in transactions involving methods other than UPI, such as EMI and card payments. This growth in transaction volume is helping them become more profitable, either through direct earnings or by offering additional services to their users.
In simple terms, Paytm is doing really well. They gave out more loans, helped more people, and handled a lot of money in transactions. They are also growing in areas beyond just UPI payments, which is good for their business.
