Paytm UPI App Register 35 % Yoy Service Provider Expantion to Rs 2.65 Lakh Crore in Extreme 2 Months

The total gross merchantise value (GMV) in April and May at Payments and Financial Services firm Paytm rose 35 percent to about Rs 2.65 lakh crore on a year-on-year basis. In the last two months, Paytm’s average monthly transacting users (MTU) also increased 24 percent to 9.2 crore.

Over the years, Paytm has increased its stake in offline payments. It has installed 75 lakh devices to get payment with merchants. This number has increased by about four lakhs last month. The company said, “The devices have increased with the service model of our subscription. This has also increased the revenue and payment volume related to the subscription. We have focused on the payment volume from the last few quarters. This provides a net payments margin or directly profit from the sale.” Paytm’s loan distribution business is also growing. In the last two months, this business rose 169 percent to Rs 9,618 crore in the last two months.

Paytm reported that he has seven big lending partners. The company aims to connect three to four partners in the current financial year. Last year, the Enforcement Directorate (ED) sought information from Paytm regarding the investigation being conducted against some merchants. The ED had searched some complexes of one 97 communications running Paytm. In this regard, no new information was investigated in this search of the ED. The ED has sought information from various payment service providers about some merchants. The spokesperson had said, “We have provided the necessary information.”

The company said in a regulatory filing by Paytm, “ED has sought information about merchants that we provide payment processing solutions. Along with this, the company had said that the ED had not instructed to block any merchant related to its or its group’s entities. In this case, ED also raided some firms related to cryptocurrency.