Paytm surpasses 10 crore monthly active users
What's the story
Fintech giant Paytm recently announced that it has surpassed 10 crore monthly active users by December 2023. The company's founder, Vijay Shekhar Sharma, shared that Paytm is concentrating on attracting new users who can be monetized. He also mentioned that products like UPI Credit and UPI autopay are witnessing substantial growth, which is anticipated to bring high-quality customers to their platform.
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Paytm's growth strategy
Sharma disclosed that Paytm is employing artificial intelligence (AI) for code generation to speed up technology updates and enhance operational efficiency. As of December 2023, the company boasted 1.06 crore merchant subscriptions. Paytm is investigating improved monetization possibilities through subscription revenue, MDR on products like RuPay credit cards, merchant lending, and marketing services to merchants. "Our approach has been led by multiple devices like soundbox, card machines and we have a few more in the pipeline," Sharma said.
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Q3 financial performance
In the third quarter, Paytm reported revenue of Rs. 2,850 crore, marking a 38% year-on-year increase. This growth was fueled by accelerated GMV (Gross Merchandise Volume) growth, increased device additions, and the expansion of the financial services business. Paytm's stock concluded the week at Rs. 784.2 apiece, with a market capitalization of Rs. 49,800 crore.