Fintech Paytm has crossed 100 million active customers on its platform, the company added in a release. It reported strong revenue growth in Q3FY24, and the statement further added with anticipating that the greater adoption of artificial intelligence (AI) in its functioning will accelerate financial services, marketing, and customer relations.
The revenue of the company stood at 2850 crore, registering a growth of 38 per cent Year on Year (YoY), driven by accelerated GMV growth, higher device addition, and growth of the financial services business as per its Q3FY24 results published on January 19.
While the average monthly transacting users (MTU) for the quarter grew by 18 per cent YoY to 10 crores (100 million), the results show.
Speaking on the same during the Earnings Call for Q3FY24 on Saturday, Vijay Shekhar Sharma, founder and CEO of the company said, " We also crossed our 100 million active customers in the last quarter. This is also a key milestone. We have been able to do it very prudently and our focus is on acquiring strictly monetisable incremental users which means that we have been able to as you know there is acquire very very prudently and there are products like UPI Credit, and UPI autopay which are going through the roof and we believe that will generate even high-quality customers on our platform and we will continue to acquire customers with that insight."
While speaking on leveraging AI, Vijay stated that it is being done in two key areas. "One is- we have been able to see an accelerated deployment and code generation, QA, etc, that is in product and technology and we are working with various copilot technology companies and this is showing already deployed and is doing incredible. Secondly, it is also enabling us to create operating efficiencies, because in many mundane tasks, we can remove humans and have machines to take care and that can scale and create an adult-free system. So these two things are key AI-led initiatives."
Paytm has been using AI in different business use cases. It has been able to harness it with various co-pilots and the company's own LLM models. "Our business in financial services and payments will leverage the power of AI more probably, anyone and anytime before we imagined," the release added.
Paytm registered a growth in payment monetization as the merchant subscriptions as of December 2023 stood at 1.06 crore, increasing 49 lakh YoY and 14 Lakh for the quarter. The fintech firm also sees enhanced monetisation opportunities, such as subscription revenue; MDR on payments including products on UPI rails like RuPay credit cards; government incentives such as UPI and PIDF; Merchant lending, and Marketing services to merchants, the statement further added.