Paytm, Indian digital payments and financial services company, broke a new record by receiving over 5.5 million merchants last month regarding offline payments.

According to reports, within two months in Q3FY23 of November 2022, the fintech platform’s loan disbursal value crossed 374 percent y-o-y to Rs.6,292 crore, with the loans disbursed simultaneously reaching 150 percent y-o-y to 6.8 million cumulative loans.

The fintech platform’s payments and loan distributions gained momentum, with the latter marking an annualized run rate of Rs.39,000 crore ($ 4.8 million) last month.

In fact, the accelerated growth kept ensuing with disbursements through its platform.

The fintech platform says that it’s been witnessing a significant growth runway even with lower penetration presently, as it works with its partners focusing on quality.

Additionally, the fintech platform is looking forward to raising the bar on its leadership with offline payments, now that over 5.5 million merchants are paying a subscription for payments devices.

Last year, Paytm’s merchants grew by 1.6 million amid the addition of over 3.9 million devices from 12 months this year. In the second quarter of 2023, the fintech platform’s total devices were deployed by 4.8 million merchants.

The reason for this growth is that the fintech platform says its due its subscription as a service model, which has been driving its devices adoption resulting in higher payments volumes and subscription revenues, as it widen the scope for its merchant loan distribution.

The fintech platform’s total merchant GMV aggregated Rs.2.28 lakh crore ($ 28 billion), accumulating 37 percent y-o-y growth.

It believes that its pursuit of focusing on its payment volumes that generates profitability either through net payments margin or from direct upsell potential is the reason behind this growth.

The fintech platform’s board of directors have scheduled to meet on December 13, 2022 to look at a proposal regarding the buyback of the company’s fully paid-up equity shares and thus it plans to focus on its stock this week.

In the upcoming days, Paytm’s Paytm Super App witnesses increasing attraction of consumer engagement with its MTU ending at 84 million last month, resulting in a 33 percent y-o-y growth.