Payments: Growth on all counts – CC/subscription merchants, GMV/spends, distribution/receivables – continues; UPI adds on credit features
The payments ecosystem remains strong in terms of credit card (count, spends, receivables per card), monthly Paytm data (GMV, merchant addition, credit distribution) and UPI data (more than 10bn transactions in Aug’23). SBI Cards (SBIC) added 0.21mn credit cards in Jul’23, while Paytm added 0.5mn subscription-paying merchants in Aug’23. Overall credit cards (CC) in force is closing on 90mn while credit/credit card on UPI is also gaining traction.