One 97 Communications Limited (Paytm) has released the transcript of its earnings conference call held on January 30, 2026, to discuss the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The transcript is available on the company's investor relations website. During the call, the management addressed the impact of the Payment Infrastructure Development Fund (PIDF) on their business model. They clarified that while PIDF was initially intended to support the expansion of payment services into hinterlands, Paytm's core business model is not dependent on it. The company plans to offset any potential impact on contribution margins through increased subscription revenues and cross-selling of financial services to merchants. Paytm also provided updates on its product launches and strategy. The 'Buy Now, Pay Later' (BNPL) product, now integrated into their consumer credit offerings, has seen strong traction, crossing hundreds of crores in monthly disbursements within less than six months of launch, with over a lakh customers already utilizing it. The company also intends to bring back its wallet service, emphasizing consumer choice, though not expecting it to be as dominant as in the past. Regarding growth prospects, Paytm reiterated its confidence in its payment and financial services business, expecting robust device growth and continued expansion. They highlighted the potential in the online merchant segment and the scaling up of their merchant loan business. The company also aims to make Paytm Money a top five player in the mutual fund distribution space within three years. Management also discussed cost optimization efforts and promotional expenses, stating that the focus remains on market share gain driven by high-quality users and engagement, rather than just increasing spend. They also detailed a more conservative revenue recognition policy for inactive merchants to ensure cleaner and more transparent reporting.
