Paytm disbursed over Rs. 5,500 crore in loans in August, while UPI surpassed 10 billion transactions

Paytm announced on Tuesday that it disbursed $667 million (Rs. 5,517 crore) in loans through its platform in August and deployed 87 lakh devices for offline payments. 

In a regulatory filing, the Vijay Shekhar Sharma-led fintech platform stated that an average of 9.4 crore users transacted through Paytm monthly between July and August this year, which was 20% more than the average number of users registered during the same time last year.

"Our loan distribution business (in partnership with our lender partners) continues to gain scale with disbursements of Rs. 10,710 crore (y-o-y growth of 137 percent) and 88 lakh loans (y-o-y growth of 47 percent) disbursed in quarter to date for the months of July and August 2023 combined, through the Paytm platform," the company said in its August operating performance report.

Paytm noted that the number of businesses paying subscription for payment devices was at 87 lakh as of August 2023, representing a 42 lakh device growth year on year.

Merchant Payment Volumes (GMV) for the Antfin-backed business reached Rs. 3 lakh crore in July and August, representing a 43 percent increase year on year.

Meanwhile, the National Payments Corporation of India (NPCI) said that UPI transactions surpassed the 10 billion milestone in August. 

The National Payments Corporation of India (NPCI) is the umbrella organization for all retail payment systems in India. UPI is utilized for round-the-clock money transfers using mobile devices.

"Please, drumroll!" UPI has recently broken records with over 10 billion transactions. Join us in celebrating this amazing achievement and the potential of digital payments. "Let's keep the momentum going and continue to revolutionize the way we conduct UPI transactions!" NPCI stated on X, formerly known as Twitter.

According to NPCI data, UPI transactions totaled 10.24 billion on August 30. The deal had a total value of Rs. 15,18,456.4 crore.

In July, there were 9.96 billion (996.4 crore) UPI transactions, up from 9.33 billion in June. The total amount of the trades was Rs. 15,33,645.20 crore.

UPI (Unified Payment Interface) is an instant payment system that allows users to send money to any bank account in real time.