Tech
Paytm Reaches Milestone: 100 Million Monthly Active Users
(CTN News) – Paytm announced on Monday that its monthly active users exceeded 100 million. Vijay Shekhar Sharma, the company’s founder, emphasized the importance of acquiring new users in order to monetize this growing user base.
Several of Paytm’s products, including UPI credit and UPI autopay, have experienced substantial growth, resulting in what Sharma describes as high-quality customers.
Sharma highlighted Paytm’s commitment to technological innovation. With the use of artificial intelligence (AI) in code generation, the company has been able to deploy new technology updates more rapidly, leading to an increase in operational efficiency.
By the end of December 2023, the number of merchant subscriptions had exceeded one crore, proving the company’s success far beyond its user base.
According to reports, Paytm is currently looking for ways to generate more revenue through subscriptions and Merchant Discount Rates (MDRs) for products like RuPay credit cards that use its platform.
Additionally, the company is tapping into revenue streams from merchant lending and marketing services tailored to merchants in order to expand its revenue streams.
In Q3 FY24, Paytm reported a revenue of Rs 2,850 crore, a 38 per cent year-on-year growth, bringing in a revenue of Rs 2,850 crore.
It is believed that the rapid growth of Gross Merchandise Value (GMV), the number of devices added, and the flourishing business of financial services all contributed to this growth trajectory.
It is worth noting that Paytm’s stock closed the previous week on a positive note, closing at Rs 784.2, which represents a market capitalisation of Rs 49,800 crores (USD 6 billion) at the end of the week.
The company’s diversified approach to the business is evident in its use of multiple devices such as soundboxes and card machines, as well as plans for additional devices to be added in the near future.
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