According to CEO Vijay Shekhar Sharma, Paytm is investing in AI to develop a software stack for artificial general intelligence
Vijay Shekhar Sharma, the founder and CEO of Paytm, said in the most recent annual report that the fintech company is investing in Al to develop a software stack for artificial general intelligence. Sharma also discussed the India potential and Paytm’s commitment to serving the market and creating a sustainable, profitable enterprise.
In the most recent annual report of One97 Communications, which owns the brand Paytm, Sharma sent a letter to shareholders stating that India may anticipate 500 million payment customers and 100 million merchants “not very far in the future.”
He said that Paytm is funding Al in order to develop a software stack for artificial general intelligence.
Paytm’s expanding products, AI capabilities, and “an India scale Al system which will help various financial institutes in capturing possible risks and frauds, while also protecting them from new kinds of risks due to advancement in Al” were also mentioned by Sharma.
The Paytm CEO said that India has the potential to become a net exporter of payment technology, software, and hardware while expressing confidence that the fintech company would “lead the way in this”.
Sharma predicted that India will soon have 500 million payment customers and 100 million retailers, attributing this to Paytm’s “leading from the front” strategy, the government’s Digital India initiative, and the regulator’s support to create an open, scalable payment system.
“We have made it our duty to make it possible for 500 million Indians to benefit from global economic expansion. This starts with giving them access to mobile payments and assisting in the extension of many other financial services to them, such as loans, insurance, and so on,” Sharma added.
He said that Paytm is not just one of the greatest supporters of governmental and regulatory-driven digital public infrastructure but also one of its major benefits.
He continued by saying that Paytm Labs is continually developing new big data and artificial intelligence (AI) technologies that improve payment trust when customers or businesses utilize Paytm.
After mobile payments, Paytm’s next contribution to India’s digital revolution will be a tiny mobile credit product with excellent credit quality and complete adherence to regulatory requirements.
“Predictably, this calls for advanced Al and other technological skills. I’m quite happy of how we are growing and using our sophisticated Al skills, he remarked.
According to him, Paytm is developing an Al system on an Indian size that would assist different financial institutions in identifying potential hazards and frauds while also shielding them from brand-new threats brought on by advances in Al.
“We think that by building it in India, we are not only enhancing the technological capacity of our nation, but also producing something that can be used outside of India,” Sharma added.
Sharma stated optimism that the firm would be able to capitalize on and develop significant differentiators in the industry and, as a consequence, a business that expands well without linearly increasing expenses. Sharma emphasized disciplined and result-oriented approach in all the targeted investment areas.
Sharma said that he is intrigued by the potential of the Open Network of Digital Commerce (ONDC), which goes beyond payment and credit disbursement industry.
“We have seen really positive first effects from the same. I think you’ll see some impressive stats and the fruits of the team’s labor over the following three years. The workforce at your organization is still dedicated to helping India and creating a successful enterprise over the long run,” he stated.
