According to the Paytm CEO, India has the potential to become a net exporter of payment technology, software, and hardware.
Paytm is investing in Al to build an Artificial General Intelligence software stack, according to founder and CEO Vijay Shekhar Sharma, who also underlined the India opportunity and the fintech firm’s ambition to service the market and build a long-term successful business in the current annual report.
According to Sharma, India can expect 500 million payment consumers and 100 million merchants “not very far in the future” in a letter to shareholders in the latest annual report of One97 Communications, which owns the Paytm brand.
He claims that Paytm is investing in Al with the goal of developing an Artificial General Intelligence software stack.
Sharma discussed Paytm’s increased products, AI capabilities, and “an India scale Al system that will assist various financial institutes in capturing potential risks and frauds, while also protecting them from new types of risks due to advancement in Al.”
According to the Paytm CEO, India has the potential to become a net exporter of payment technology, software, and hardware, and the fintech company would “lead the way in this.”
Sharma predicted 500 million payment consumers and 100 million merchants in India in the near future, citing Paytm’s “leading from the front”, the government’s Digital India initiative, and the regulator’s encouragement to establish an open scalable payment system.
“Our mission is to enable 500 million Indians to benefit from mainstream economic growth.” This begins with enabling mobile payments and assisting in the extension of various other financial services such as loans, insurance, and so on,” Sharma explained.
Paytm, he claimed, is not just a beneficiary but also one of the most vocal supporters of government and regulator-driven Digital Public Infrastructure.
He went on to state that Paytm Labs is continually developing Al and big data capabilities to improve payment trust when customers or merchants use Paytm.
Paytm’s next contribution to India’s digital revolution, following mobile payments, would be tiny mobile loans with high credit quality and full compliance with regulator rules.
“This is expected to necessitate sophisticated capabilities in Al and other technologies.” “I am extremely proud of our advanced Al capabilities in use, as well as how we are expanding,” he stated.
Paytm is developing an India-scale Al system to assist various financial institutions in identifying potential hazards and frauds, as well as protecting them from new types of threats due to advancements in Al, he stated.
“We believe that by building it in India, we are not only increasing our country’s technological capability, but we are also creating something that can be leveraged outside of India,” Sharma explained.
Sharma expressed optimism that the company will be able to capitalize and establish strong differentiators in the market, resulting in a business that scales efficiently without linearly adding expenses, with a disciplined and result-oriented strategy in all of the targeted investment areas.
Sharma expressed interest in the Open Network of Digital Commerce (ONDC) beyond the payment and credit disbursement business.
“We have seen very encouraging early results.” In my perspective, over the following three years, you will see some impressive stats and the fruits of the team’s labor. “The team at your company is still committed to serving India and building a long-term profitable business,” he remarked.
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