Paytm founder and CEO Vijay Shekhar Sharma made a persuasive case for artificial intelligence (AI), stating that the finance giant is trying to develop a full-fledged artificial general intelligence (AGI) stack.
AI models that can complete tasks on their own to achieve goals without human intervention are referred to as AGI. Sharma stated that the company has increased investments in cutting-edge technology and is trying to take advantage of the potential AGI model not only in India but also internationally in a letter to shareholders included in the company’s annual report for FY23.
“Paytm is investing in Al with the goal of developing a software stack for artificial general intelligence. We think that by building it in India, we are not only enhancing the technological capacity of our nation, but also producing something that might be used outside of India,” added Sharma.
Announcing the fintech behemoth’s internal AI capabilities, he added that Paytm is developing an indigenous AI system that would leverage the new technology to warn potential dangers and frauds in the financial industry.
Sharma added that there is a chance for the nation to start “net exporting payment technology, software, and hardware.” He claimed that Paytm might be the leader in the nation in this area by pointing to its R&D design and software capabilities.
“Paytm will likely take the lead in this, but I think India has a chance to become a net exporter of payment technology, software, and hardware. Our R&D design and software development talents are the greatest in the world, and Paytm Labs is always developing different big data and Al features that increase payment trust when customers or merchants use Paytm, according to Sharma.
The CEO added that the fintech business is “leading from the front” since the digital payment ecosystem is expected to eventually include 100 million merchants and 500 million payment users.
Sharma added that the business employs a “disciplined and result-oriented approach” in all of its chosen investment sectors. According to him, doing so would allow the company to develop competitive advantages that would allow its businesses to grow effectively without “linearly increasing costs.”
Additionally, he was enthusiastic about the government-sponsored Open Network of Digital Commerce (ONDC), noting that the company has already seen good outcomes from the platform.
Sharma concluded the letter by reiterating the importance of profitability and stating that Paytm is dedicated to creating a long-term profitable company.
This occurs at a time when Paytm has aggressively reduced expenses while launching a number of new products. Additionally, it has shown positive growth in all operational indicators, particularly in the loan and payments industries.
Despite increased competition from firms like PhonePe, Paytm has increased its focus on revenue growth and profitability. The fintech giant’s consolidated net loss decreased from INR 645.4 Cr in the same quarter last year to INR 358.4 Cr in the first quarter of the fiscal year 2023–24 (FY24).
On Monday, August 21, shares of One97 Communications, the parent company of Paytm, finished 2.54% lower at INR 837.90 on the BSE.