Paytm, India’s leading payments and financial services company and the pioneer of QR and mobile payments, has announced that Paytm Postpaid has over 6 million users and is accepted by over 15 million online and offline merchants at the end of second quarter of FY 2023.
Postpaid loans have emerged as a major driver of Paytm’s growth in digital lending. The company has a strong growth in new user sign-ups, and the signed-up user base has now crossed 6 mn. This was driven by increasing user adoption and Paytm Postpaid is now accepted by more than 15 mn online and offline merchants. The number of Postpaid Loans disbursed grew 220% YoY in Q2FY23, while the value of Postpaid Loans increased 449% YoY and 20% QoQ to ₹4,050 Cr.
The company has empowered its users with easy access to credit through its partnership with top financial institutions. In Q2FY23, the number of loans disbursed by the company grew to 9.2 mn, representing a growth of 224% YoY and 8% QoQ, while the value of loans disbursed grew to ₹7,313 Cr, a growth of 482% YoY and 32% QoQ.
Paytm Spokesperson said, “Postpaid continues to show significant cross-sell opportunities in Personal Loans and Credit cards. Our collections efforts continue to deliver good performance, with indicative portfolio performance across loan products holding up well. We see a long growth runway and upsell opportunities ahead as low credit penetration supports future growth potential while working with our lending partners to maintain healthy credit quality.”
In Q2FY23, revenue from Financial Services and Others grew 293% YoY to ₹349 Cr and accounts for 18% of total revenues, up from 8% in Q2 FY 2022. The growth in revenue was primarily driven by 482% YoY growth in the value of loans disbursed.
