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

Fintech main Paytm on Tuesday mentioned 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 mentioned 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 12 months, which was 20 % larger than the common variety of customers recorded throughout the identical interval final 12 months.

“Our mortgage distribution enterprise (in partnership with our lender companions) continues to achieve scale with disbursements of Rs. 10,710 crore (y-o-y progress of 137 %) and 88 lakh loans (y-o-y progress of 47 %) disbursed in quarter so far for the month of July and August 2023 mixed, by way of 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.

Service provider Fee Volumes (GMV) for the Antfin-backed agency stood at Rs. 3 lakh crore throughout July and August, registering an on-year progress of 43 %.

In the meantime, Unified Payments Interface (UPI) transactions crossed 10 billion mark in August, the Nationwide Funds Company of India (NPCI) mentioned. 

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

“Drumroll please! UPI has simply shattered data with an astonishing 10 billion plus transactions. Be part of us in celebrating this unbelievable milestone and the ability of digital funds. Let’s maintain the momentum going and proceed to revolutionize the best way we make transactions with UPI!,” NPCI said on X, previously referred to as Twitter.

In line with the NPCI information, 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 Fee Interface) is an instantaneous fee system that enables customers to immediately switch cash to any checking account.