NEW DELHI: Paytm on Wednesday announced it reached 89 million average monthly transacting users (MTU) for the month of January, a 29 per cent (year-on-year) increase.

The payments and financial services company continues to dominate the offline payments market with 6.1 million merchants now paying subscriptions for payment devices, an increase of 0.3 million in January.

Paytm said it has seen a consistent growth in merchant payments volume with the total gross merchandise value (GMV) processed through the Paytm platform grew 44 per cent YoY aggregating to Rs 1.2 lakh crore ($15 billion) in January. “Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential,” the company said.

In its stock exchange filing, Paytm said: “With our subscription as a service model, the strong adoption of devices drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution.” Paytm’s loan distribution business continues to witness an accelerated growth with disbursements through the platform growing 327 per cent YoY to Rs 3,928 crore ($480 million).

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