Paytm Surpasses 100 Mn Monthly Active Users Milestone
Fintech giant Paytm has said that its monthly active user base has exceeded 100 million, according to a press release issued on Monday. The company's founder, Vijay Shekhar Sharma, stressed on a strategic focus on acquiring new users with a clear intent to monetize this expanding user base.
Paytm’s products such as UPI Credit and UPI autopay have experienced substantial growth, generating what Sharma described as high-quality customers for the platform.
Sharma shed light on Paytm's commitment to staying at the forefront of technological innovation. By leveraging artificial intelligence (AI) in code generation, the company has witnessed a rapid deployment of technology updates, leading to operational efficiencies.
The company's success extends beyond user numbers, with merchant subscriptions reaching an impressive 1.06 crore as of December 2023. Paytm is apparently exploring avenues for enhanced monetisation, eyeing subscription revenue and Merchant Discount Rate (MDR) on products like RuPay credit cards. Additionally, the company is tapping into revenue streams through merchant lending and marketing services tailored to merchants.
In the Q3 FY24 results, Paytm turned in a revenue of Rs 2,850 crore, a 38 per cent year-on-year growth. This growth trajectory was attributed to accelerated Gross Merchandise Value (GMV) growth, increased device additions and the flourishing financial services business.
Paytm's stock closed the previous week on a positive note at Rs 784.2, reflecting a market capitalisation of Rs 49,800 crore (USD 6 billion). The company's diversified approach is evident in its utilisation of multiple devices such as soundbox and card machines, with plans for additional devices in the pipeline.
