UPI crosses 10 billion payments; Paytm issued Rs. 5,517 crore in loans

Fintech major Paytm on Tuesday said it made $667 million (Rs 5,517 crore) in loans through its platform and used 87 million devices for offline payments in August.

The Vijay Shekhar Sharma-led fintech platform said in a regulatory filing that an average of 9.4 million customers transacted monthly through Paytm in July and August this year, up 20 percent from the average number of users recorded in the same period last year.

“Our loan distribution business (in partnership with our lending partners) continues to grow in scale with 10,710 crore (137 percent year-on-year growth) and 88 million loans (47 percent year-on-year growth) disbursed in the quarter-to-date month. July and August 2023 combined, through the Paytm platform,” the company shared in its August operating report.

The number of merchants paying subscriptions for payment devices stood at 87 lakh as of August 2023, a year-on-year growth of 42 million, Paytm added.

The Merchant Settlement Volume (GMV) for the Antfin-backed firm was Rs. 3 million in July and August, which is 43 percent more than the annual growth.

Meanwhile, Unified Payments Interface (UPI) transactions crossed the 10 billion mark in August, the National Payments Corporation of India (NPCI) said.

NPCI is the umbrella organization for all retail payment systems in India. UPI is used to transfer funds instantly through mobile devices round the clock.

“Drumroll please! UPI just broke records with an amazing 10 billion plus transactions. Join us in celebrating this incredible milestone and celebrating the power of digital payments. Let's keep the momentum going and continue to revolutionize how we transact with UPI!” NPCI said on X, formerly known as Twitter.

According to NPCI data, UPI transactions on August 30 reached Rs 10.24 crore. In terms of value, the transaction amounted to Rs. 15,18,456.4 million.

The number of UPI transactions stood at 9.96 billion (996.4 crores) in July, up from 9.33 billion in June. In terms of value, the transactions amounted to Rs. 15,33,645.20 crores.

UPI (Unified Payment Interface) is an instant payment system that allows users to instantly transfer money to any bank account.

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