UPI Crosses 10 Billion Payments; Paytm Disbursed Rs. 5,517 Crore in Loans

Fintech main Paytm on Tuesday stated it disbursed $667 million (Rs. 5,517 crore) loans by way of its platform and deployed 87 lakh units for offline funds in August. 

The Vijay Shekhar Sharma-led fintech platform stated in a regulatory submitting that on a median 9.4 crore customers transacted by way of Paytm month-to-month throughout July and August this yr, which was 20 p.c increased than the typical variety of customers recorded throughout the identical interval final yr.

“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 month of July and August 2023 combined, through the Paytm platform,” the corporate shared in its working efficiency report for August.

The variety of retailers paying subscription for fee units stood at 87 lakh as of August 2023, which is a rise of 42 lakh units year-on-year, Paytm added.

Merchant Payment Volumes (GMV) for the Antfin-backed agency stood at Rs. 3 lakh crore throughout July and August, registering an on-year progress of 43 p.c.

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

NPCI is an umbrella organisation for all retail fee methods in India. UPI is used for rapid cash switch by way of cellular units around the clock.

“Drumroll please! UPI has just shattered records with an astonishing 10 billion plus transactions. Join us in celebrating this incredible milestone and the power of digital payments. Let’s keep the momentum going and continue to revolutionize the way we make transactions with UPI!,” NPCI said on X, previously often called Twitter.

According to the NPCI knowledge, the UPI transactions on August 30 stood at 10.24 billion. In worth phrases, the transaction had totalled Rs. 15,18,456.4 crore.

The variety of UPI transactions in July was 9.96 billion (996.4 crore), up from 9.33 billion in June. In worth phrases, the transactions totalled Rs. 15,33,645.20 crore.

UPI (Unified Payment Interface) is an instantaneous fee system that enables customers to immediately switch cash to any checking account.