Paytm is investing in Al to build an artificial intelligence software stack, founder and CEO Vijay Shekhar Sharma said in its latest annual report, outlining opportunities in India, as the fintech company seeks to serve the market and build a long-term profitable business .
India is expected to have 500 million payment consumers and 100 million merchants “in the near future,” Sharma said in a letter to shareholders in the latest annual report of One97 Communications (which owns the Paytm brand).
He said Paytm is investing in AI with an eye toward building a general artificial intelligence software stack.
Sharma spoke about Paytm’s expanded offerings, AI capabilities, and “India-scale AI system that will help various financial institutions capture possible risks and fraud while also protecting them from new types of risks brought about by AI advancements “.
The Paytm executive said India has an opportunity to become a net exporter of payments technology, software and hardware, and he is confident the fintech firm will “lead the way in this regard”.
Sharma expects India to have 500 million paying consumers and 100 million merchants in the near future, and attributes this to Paytm’s “leading lead”, the government’s Digital India agenda, and regulators’ encouragement to build an open and scalable payment system.
“Our mission is to enable 500 million Indians to benefit from mainstream economic growth. It starts by providing them with mobile payments and helps provide them with loans, insurance and various other financial services,” Sharma said.
He asserted that Paytm is not only a beneficiary but also the biggest supporter of a digital public infrastructure driven by governments and regulators.
He went on to say that Paytm Labs is continuously building various artificial intelligence and big data capabilities to enhance payment trust when consumers or merchants use Paytm.
In India’s digital revolution after mobile payments, Paytm’s next contribution will be micro mobile credit with high credit quality and full compliance with regulator guidelines.
“This is expected to require advanced AI and other technological capabilities. I’m very proud of our use of advanced AI capabilities and how we’re scaling them,” he said.
He said Paytm is building an India-scale artificial intelligence system that will help financial institutions capture possible risks and fraud while protecting them from new risks brought about by advances in artificial intelligence.
“We believe that by building it in India, we can not only increase the technological capabilities of our country but also create something that can be exploited outside India,” Sharma said.
By taking a disciplined and results-driven approach across all selected areas of investment, Sharma expressed confidence that the company will be able to leverage and build strong differentiation in the market, enabling the business to grow without linearly increasing costs. effective expansion.
Beyond payments and credit payments, Sharma said he is excited about the possibilities of the Open Network for Digital Commerce (ONDC).
“We’ve seen very encouraging early results. In my opinion, over the next three years, you’re going to see some good numbers and the fruits of the hard work of your team. Your company’s team remains committed to service India and build a long term profitable business,” he said.
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