One97 Communications, Paytm’s parent firm, said that its average monthly transacting users plunged 24% YoY to 9.2 crores in the April and May 2023 quarters, resulting in sustained expansion of its customer base.

The company said they strive to strengthen leadership in offline payments, with 75 lakh merchants paying subscriptions for payment devices, rising to 4 lakhs in May 2023.

The total merchant GMV administered under Paytm for the quarter to date was Rs 2.65 lakh crore ($32.1 billion), showing growth of 35% YoY.

It said its loan distribution business, partnering with large lenders, witnessed strong growth, with aggregate disbursements for the quarter soaring 169% YoY to Rs 9,618 crore ($1.2 billion).

Besides, it witnessed growth in the distribution of post-paid and personal loans. It has amalgamated with large NBFCs and banks and endures to emphasise the eminence of loans distributed through its platform. Paytm has seven lending partners and objects to onboard three-four more in FY24.

The statistics revealed by One97 were part of Paytm’s May operating performance apprise.

The company said that the subscription-as-a-service model will strive for the robust espousal of devices drives subscription revenues and higher payment volumes, rising the funnel for merchant loan distribution.