Paytm: Why Antique believes merchant lending, payment monetisation will fuel next growth phase

Paytm’s merchant ecosystem is expected to remain its biggest growth engine as deeper monetisation, improving payment margins and a larger merchant lending opportunity support the company’s next phase of growth, according to Antique.

The brokerage said merchant payments continue to outpace industry growth, while One97 Communications Ltd. is leveraging its payments network to expand financial services, strengthen lending economics and improve profitability. It added that the company’s focus on merchant monetisation rather than payment volumes alone positions it well as India’s fintech sector matures.