Paytm winning online transactions; the company deployed 1 million devices in the July-September quarter alone

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The growth of digital payments in India has been significant, especially in the last couple of years when millions of merchants shifted to accepting online payments from consumers. This shift in consumer behavior has led to the massive popularity of payment-based devices. Amid India’s online payments boom, Paytm – India’s leading digital payments and financial services company – has played an important role in empowering merchants with its payment-based devices such as QR, All-in -one POS and Soundbox.

Such is the popularity of Paytm’s devices with merchants that the company is now seeing rollouts of 10 lakh per quarter, helping it to further strengthen its offline payments vertical. In a regulatory filing to exchanges on Oct. 10, Paytm said its total device deployment base exceeded 48 lakh in Q2 FY23, up from 38 lakh at the end of Q1FY23. It actually added 1 million new deployments during the second quarter.

Paytm said that with its subscription-as-a-service model, high device adoption has led to increased payment volumes and subscription revenue while increasing the distribution funnel of their merchant loans. The rapid growth of the device industry has not only helped the company stay ahead of competitors, but also paved the way for increased merchant engagement and monetization.

Additionally, strong device adoption is also helping the company’s high-margin loan distribution business, as it paves the way for more small business owners to become eligible for merchant loans, offered on its online platform. partnership with reputable lenders. In its FY23 first-quarter financial results, the company said merchants with devices accounted for more than 75% of merchant loan disbursements and it expects that percentage to increase further in the second quarter. given the higher penetration of devices. The Paytm Super app continues to drive increased consumer engagement for the company’s comprehensive payment services. With that, the company’s average monthly transaction user (MTU) for the quarter came in at a record 79.7 million for the quarter, marking 39% year-on-year growth, it said. he said recently.

These metrics imply that Paytm’s business growth continues to accelerate each quarter and should be a major contributor to revenue generation, which is a crucial aspect of the company’s profitability plans. (ANI)

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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