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Paytm continues to focus on BNPL, on track to achieve operational profitability by September 23: Vijay Shekhar Sharma

Paytm continues to focus on BNPL, on track to achieve operational profitability by September 2023: Vijay Shekhar Sharma

New Delhi: One97 Communications Ltd., the parent entity that operates Paytm, has continued to focus on payments and the distribution of loan products, the company’s founder and CEO, Vijay Shekhar Sharma, said in a letter to the media on Thursday. shareholders.

The financial services company presented the annual report for the 2021-22 financial year, its first as a publicly traded company. Sharma added that Paytm’s core business model is to acquire consumers and merchants for payment services and sell them financial services by leveraging its distribution, collections, transactional and behavioral information.

Focus on BNPL

“I’m proud of what Paytm has achieved in the last year with rapid growth in payments,” the Paytm CEO said while adding that the company’s focus also continues to be on buy-it-now, subsequent payment (BNPL) and assistance to financial partners. distributing credit through mobile payments. BNPL has become a consumer favorite.

Expressing his belief that India will become an exemplary market, especially in payments, leading to financial services, in the coming days, Sharma noted that the Paytm app now has more and more users on their platform. shape for everyday use without requiring any prompting. on our side.

IPU, profitability

“UPI has become one of the primary customer and merchant acquisition channels for us. UPI merchant payments, which are free to the merchant, have now also become economically viable as the government encourages digital payments through incentives on UPI P2M transactions,” he said. added.

Paytm pioneered mobile payments in India, serving customers as well as small and large merchants. Now, the company’s technology platform is focused on providing new means of payment solutions, including GPS-based payment, etc., the general manager pointed out.

“We are seeing excellent momentum in our business and are on track to achieve operating profitability (EBITDA before ESOP cost) by the quarter ending September 2023,” Sharma told shareholders.

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For the financial year ended March 31, 2022, One97 recorded a consolidated loss of Rs 2,396.4 crore, compared to Rs 1,701 crore the previous year. However, consolidated revenue jumped 65% to Rs 5,264.3 crore from Rs 3,186.8 crore in the 2021 financial year.

On Thursday, Paytm shares ended up 0.28% at Rs 715.65 on BSE.