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Paytm’s pioneering leadership in payments is reinforced with over 5 million device deployments

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India’s digital payment ecosystem has grown at a rapid pace in recent years, supported by the widespread adoption of pay devices by millions of merchants across the country. As a pioneer of mobile payment and QR code evolution in India, paym has enabled merchants to grow their business seamlessly with a range of payment devices such as the Soundbox and PoS.



The company has reached another milestone in the field of devices, further strengthening its pioneering position in offline payments. Fresh off posting strong financial results for Q2FY23, Paytm said in its latest monthly operational stats that it has now deployed more than 5.1 million devices at points of sale across the country.

Stronger growth in the device business has proven hugely beneficial to the company, contributing to both payments and financial services revenues.

The company pointed out in its Q2FY23 financial results that the continued boom of the appliance business – supported by the subscription as a service model – has led to subscription revenue growth, while also expanding the scope of business lending.

Increased adoption of appliances was a major contributor to the increased demand for business loans in the second quarter of the current fiscal year. Boosted by growth in the appliance business, trade loan disbursements amounted to Rs 1,208 crore in Q2FY23, up 342% yoy and 46% qoq. It can be noted that more than 85% of such disbursed loans were to merchants with Paytm devices.

Buoyed by stronger growth in loan distribution, Paytm’s financial services revenues accounted for 18% of total revenues in Q2FY23.

Paytm’s devices business continues to play a pioneering role in strengthening the country’s offline payment ecosystem and empowering millions of merchants. The company remains confident that it will continue to play an integral role in the growth of key businesses such as payments and loan distribution.

Disclaimer: This article was generated and published by the Insider Studios team. You can contact them at [email protected]://londonbusinessblog.com/

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