One97 Communications Limited, which owns the fintech platform Paytm, on Wednesday said it has achieved a new milestone in offline payments as it deployed 6.8 million devices deployed in the January-March quarter.

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Consumer engagement was highest on the Paytm Super App with average 90 million monthly transacting users, a 27 per cent yearly growth.Paytm's subscription devices, Soundbox and Point of Sale machines continue to see an increased acceptance by merchants.

With 6.8 million merchants now paying subscriptions for Paytm's payment devices, an increase of 1.0 million in the quarter ended March 2023, it said it has further strengthened its leadership in offline payments.

The company in a stock exchange filing today said, "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."

Also, the fintech company has witnessed a sustained growth in merchant payments volume.

The total merchant gross merchandise value (GMV) processed through its platform for the March quarter increased 40 per cent on a yearly basis to RS 3.62 lakh crore (USD 44 billion).

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The total number of loans disbursed surged 82 per cent to 11.9 million in the quarter with 4.1 million loans disbursed in the month of March 2023, it said.

"Our payments consumer and merchant base offers a large addressable market, thereby providing a long runway for growth. We continue to work with our partners to remain focused on the quality of the book," the company said in the exchange filing.

It is important to note that in December quarter, Paytm achieved its milestone of operating profitability, much ahead of its September 2023 guidance.

The fintech firm's EBITDA before ESOP cost stood at Rs 31 crore with EBITDA before ESOP margin at 2 per cent of revenues as compared to 27 per cent a year ago. 

Paytm's revenue from operations increased 42 per cent on a yearly basis to Rs 2,062 crore in October-December quarter, driven by growth in its core payments business and sustained growth momentum in credit business and commerce business.  

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