Their net payments margin stood at ₹443 Cr, increasing 15 per cent QoQ and was up 428 per cent YoY
One 97 communications, the parent company of Paytm payments services has come out with its Q2 results. Their revenue grew 56 per cent YoY and our their payment margin grew by over 400 per cent, on the back of platform expansion. However, their revenue loss stood at INR 571.5 crore for the quarter ending FY23, up from INR 473.5 crore the previous year. Their loss has narrowed from INR 645.4 crore in Q1FY23.
Their payments business witnessed revenue growth of 56 per cent YoY (and 9 per cent QoQ) on account of continued platform expansion across MTU, merchant base, subscription merchants and GMV, continued growth in subscription (and MDR) revenues from our offline merchants, led by ramp-up of devices business, and higher GMV from online merchants in our payment gateway business revenue in payment services to consumers business was ₹549 Cr, increasing 55 per cent YoY, while that in payment services to merchants was ₹624 Cr, increasing 56 per cent YoY.
There was no UPI incentive recorded in this quarter, similar to Q1 FY 20231. Their net payments margin stood at ₹443 Cr, increasing 15 per cent QoQ and was up 428 per cent YoY. This was driven by improved monetization and continued improvements in payment processing charges. We are expanding our monetization base with the growth of users and merchants. Merchant subscriptions are an attractive profit pool for us, driving higher payment volumes, subscription revenues as well as merchant loan distribution.