Paytm reports 118% YoY growth in merchants subscribing to payment devices during April, May

Ease of doing business for MSMEs: Mobile internet company One97 Communications, the parent entity of digital payments and financial services provider Paytm, on Monday reported 118 per cent growth in payment devices subscribed by its merchants as of May (Q1 to date) in the current fiscal. In an exchange filing, the company said the number of merchants paying subscription for its payment devices like soundbox and point-of-sale (PoS) machines increased to 75 lakh during April and May this fiscal (4 lakh merchants added during May) from 34 lakh during April and May in previous financial year.

“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 said in the filing.