Umananda temple, Mandir in Guwahati, India

New Delhi [India], July 5 : Paytm, India's leading payments and financial services company and the pioneer of mobile and QR payments, on Wednesday announced its business operating performance for Q1FY24.The company has achieved a new milestone in merchant payments with 79 Lakh devices deployed while the Gross Merchandise Value (GMV) for the quarter (for three months ended June 2023) stood at Rs 4.05 lakh crore, a growth of 37 per cent year-on-year (YoY).Driving payment monetisation, Paytm's subscription devices, Soundbox and PoS machines, continue to see an increased acceptance by merchants.The company continues to remain the market leader in merchant payments with the number of merchants paying subscription for payment devices has reached 79 Lakh as of June 2023, an increase of 4 lakh devices in the month and 11 lakh devices in the quarter.Consumer engagement on the Paytm Super App remains high with the average monthly transacting users (MTU) at 9.2 crore, a growth of 23 per cent YoY.The total merchant payments volume (GMV) processed through the platform for the quarter (for three months ended June 2023) was Rs 4.05 lakh crore (USD 49.3 billion), marking a YoY growth of 37 per cent.With an eye on profitability, the company said, "Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential."Paytm's credit distribution business, in partnership with large lenders, continues to witness robust growth with total disbursements for the quarter (for three months ended June 2023) surging 167 per cent YoY to Rs 14,845 crore (USD 1.8 billion) with 1.28 crore loans (51 per cent YoY growth) distributed.The company said,"Our focus remains on the asset quality by continuously reviewing with our partners cohort data and tightening credit policy wherever needed proactively. This reflects in the growth of value of loans distributed in the quarter."Paytm currently has seven active lending partners and it aims to onboard 3-4 partners this fiscal.It announced its loan distribution partnership with Shriram Finance Limited on June 30. The company also said that due to the earlier-mentioned system upgrade, the higher disbursals in June reflect the pent-up demand from April being met in May.In the results of the last quarter of FY23, Paytm reported a 51 per cent YoY growth in revenue from operations to Rs 2,334 crore, driven by growth in payments and loan distribution business.The company reported an operating profit for the second straight quarter in Q4FY23.It reported EBITDA before ESOP cost of Rs 234 crore, including the full-year UPI incentive. In the previous quarter, Paytm achieved its milestone of operating profitability, much ahead of its September 2023 guidance.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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