Payme updates maximum net profit for quarter 

The number of active Payme users at the end of June reached 2 million people, Spot reported referring to the report of the TBC Bank Group.

In April-June, the figure increased by 200 thousand (11%). For comparison, at the end of March, 1.8 million users made payments in the system at least once a month.

Compared to the same period in 2021, the number of active Payme customers has doubled. Companies that regularly accept payments through the service increased by 53%. 

However, the total number of registered users is not given. At the end of the first quarter, it was 6 million people, of which about 800 thousand have been registered since the beginning of the year.

The quarterly volume of transactions increased by 56% and reached 1.7 billion ($610 million). The service’s revenue for the same period is 12 million ($4.3 million), up by 82%.

Payme for April-June received 7.1 million lari ($2.54 million) profit. Growth in relation to the same period in 2021 amounted to 73%, compared to the previous quarter - 22.4%.

TBC Bank bought a 51% stake in Payme for $5.5 million in April 2019. The founder of the service, Sarvar Ruzmatov, said that in another country it would cost more - the assessment was affected by toxicity and the risks of doing business.

However, the head of the Supervisory Board of TBC UZ, Niki Kurdiani, called the price of the deal “good”. In 2021, the purchase would cost the Georgian bank many times more, he said.