Paytm, the financial tech powerhouse is shaking the lending landscape in FY24.
With strategic partnerships, the fintech giant proudly boasts its numbers in postpaid loans.
Astonishingly, the company disbursed loans totalling Rs 9,618 crore during this period, a staggering 169% surge. This impressive growth has left all its competitors in complete awe.
During the same timeframe, Paytm successfully issued a whopping 85 lakh loans, representing a remarkable 54% increase compared to the 5.5 million loans disbursed last year.
It’s not only the loans but more Indians resonating with the sound of “Paytm Karo!”.
In April and May 2023, Paytm experienced a remarkable 24% growth in its consumer base, standing tall with 9.2 crore active users every month.
Paytm getting more popular among merchants as well. In May 2023, the number of merchants subscribing to Paytm’s payment devices increased to an impressive 75 lakh. Thanks to its leadership in UPI transactions, the company experienced a noteworthy increase of 4 Lakh users.
Delighted with their accomplishments, Paytm states, “We continue to witness remarkable growth in the distribution of Postpaid and Personal Loans. Our strategic partnerships with major Non-Banking Financial Companies (NBFCs) and Banks have delivered high-quality loans through our platform. Currently, we have seven lending partners, and our aim for the fiscal year 2024 is to onboard an additional 3-4 partners.”
Paytm’s laser focus is on driving up payment volumes to generate profits. They achieve this through strategies such as optimising net payments margin and capitalising on direct upsell opportunities.
In a Nutshell
Paytm’s journey has been through a lot since the beginning. And now the fintech behemoth is all prepared to welcome the happy days. The numbers seem astonishing in regard to previous records of Paytm.
However, there are many fishes in the sea. It is for sure that UPI holds a brighter future in India, but who will be the torchbearer of it? Let’s wait till we find that out.