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As per the company, the payment business continues to scale led by increase in GMV and higher subscription revenue. In Q2 FY 2024, payments revenue grew by 28% YoY to ₹1,524 crore, despite some of the revenues getting pushed to Q3 FY24, it said.
“In this financial year, online sales for the festive season will be captured in Q3, whereas in the previous financial year it was largely in Q2”, Paytm said in its earnings report.
Meanwhile, payments profitability improved with net payment margin expanding 60% YoY to ₹707 crore. In Q2 FY24, GMV rose 41% YoY to ₹4.50 lakh crore despite no UPI incentives, aided by improvements in payment processing margin on non-UPI instruments like Postpaid, EMI, and cards.
As of September 2023, merchant subscriptions were 92 Lakh, increasing 44 lakh YoY and 14 lakh QoQ. The number of merchant loans distributed grew 130% YoY in Q2 FY24, while the value of these loans increased by 171% YoY to ₹3,275 crore.
In Q2 FY24, the number of loans distributed through its platform grew to 1.32 crore, a growth of 44% YoY. The value of loans distributed grew to ₹16,211 crore, a growth of 122% YoY.
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