Finclusion
  • News
  • Explained
  • Fact Check
  • Inclusion
  • Blog
No Result
View All Result
Paytm
  • News
  • Explained
  • Fact Check
  • Inclusion
  • Blog
No Result
View All Result
Finclusion
No Result
View All Result
Paytm has hinted at the development of a comprehensive artificial general intelligence software suite.

Paytm has hinted at the development of a comprehensive artificial general intelligence software suite.

Paytm Aims for Nation-Wide AI System; Sets Sight on AI-Driven Fintech Solutions

September 25, 2023
in Fintech
406 17
0
Share on FacebookShare on Twitter

One97 Communications Limited, the formidable force behind Paytm, India’s pioneering digital payments platform, is taking ambitious strides into the realm of artificial intelligence (AI). 

In their recently filed annual report for the fiscal year 2022-23, the company showcased its resolute intent to harness the potential of AI, hinting at the development of a comprehensive artificial general intelligence software suite.

You might also like

A total of 21 awards were presented—10 to leading banks and 11 to high-performing fintech companies. (Image Source: PIB)

Government Recognises 21 Banks and Fintech Innovators for Excellence in Digital Payments

June 19, 2025
RuPay and JCB International have announced a limited-period cashback offer for RuPay JCB Debit and Credit cardholders. (Image Source: Freepik)

RuPay JCB Cardholders to Get 25% Cashback for In-Store Purchases Across Eight Asian Countries

June 18, 2025

Building on a Legacy of Fintech Innovation

Paytm, under the visionary leadership of its founder and CEO Vijay Shekhar Sharma, has been at the forefront of transforming India’s digital payment landscape. The company, credited for mass popularisation of mobile payments, introduced groundbreaking technologies such as QR Codes and Soundbox to the Indian market. 

Sharma’s insights indicate a promising trajectory for the fintech giant. He envisions an expanding digital user base in India, forecasting a surge to half a billion payment consumers and a robust merchant base of 100 million in the near future.

Drawing parallels with their illustrious past in reshaping mobile payments, Sharma unveiled Paytm’s next monumental venture. The company is set to redefine mobile credit distribution, ensuring a seamless blend of superior credit quality while adhering to regulatory mandates.

To facilitate this ambitious transition, the company is investing heavily in sophisticated AI technologies. Sharma’s vision is clear – to develop a comprehensive AI system tailored for India. This digital behemoth aims to empower various financial institutions by preempting and addressing risks, identifying potential frauds, and safeguarding them against emerging threats resulting from AI advancements.

A Closer Look at Paytm’s Financial Health

While the dream is grand, it’s essential to examine Paytm’s financial standing, especially given the challenges and uncertainties that typify the tech-driven financial domain. 

The April-June quarter results of fiscal 2023-24 depict a mixed picture. The company managed to drastically reduce its net loss to ₹357 crore, a significant leap from the daunting ₹6,444 crore loss reported in the same period the previous year. 

On the revenue front, there are clear indicators of robust growth and potential. The revenue from operations during the first quarter of the current fiscal witnessed an impressive 39.4% jump, reaching ₹2,341 crore, up from ₹1,679 crore in the corresponding period the previous year.

One area where Paytm has particularly excelled is its credit distribution business. Reporting a staggering 167% growth year-on-year for the June quarter, the company disbursed loans worth ₹14,845 crore. 

These impressive figures are further bolstered by a 51% spike in the overall number of loans facilitated on their platform, reaching 1.28 crore, as revealed in the regulatory filings by One97 Communications, Paytm’s holding entity, to the stock exchanges.

Paytm, with its legacy of fintech innovations, is poised to embark on yet another transformative journey. The company’s shift towards AI-driven solutions signifies not just an internal growth strategy but a broader vision for the Indian financial ecosystem. 

As the company invests in building sophisticated AI tools, stakeholders, consumers, and the industry at large await the next chapter in this remarkable tale of digital transformation.

Tags: artificial intelligencemobile paymentsOne97 CommunicationspaytmPaytm CEO Vijay Shekhar Sharma

Related Stories

A total of 21 awards were presented—10 to leading banks and 11 to high-performing fintech companies. (Image Source: PIB)

Government Recognises 21 Banks and Fintech Innovators for Excellence in Digital Payments

by Finclusion
June 19, 2025
0

The Department of Financial Services (DFS), Ministry of Finance, hosted the Digital Payments Awards 2025 at Vigyan Bhawan, New Delhi,...

RuPay and JCB International have announced a limited-period cashback offer for RuPay JCB Debit and Credit cardholders. (Image Source: Freepik)

RuPay JCB Cardholders to Get 25% Cashback for In-Store Purchases Across Eight Asian Countries

by Finclusion
June 18, 2025
0

In a move aimed at enhancing international travel spending experiences for Indian consumers, RuPay and JCB International have announced a...

TRAI observed that many complaints about spam are linked to businesses that claim to have customer consent.(Image by Storyset on Freepik)

TRAI Teams Up with RBI and Banks to Launch Pilot Project for Digital Consent Management

by Finclusion
June 17, 2025
0

In a major step towards tackling spam calls and messages, the Telecom Regulatory Authority of India (TRAI) has launched a...

The Ministry of Finance has firmly denied speculation suggesting that Merchant Discount Rate (MDR) will be levied on UPI transactions. (Image source: Freepik)

Government Dismisses MDR Rumours on UPI Transactions as ‘False and Baseless’

by Finclusion
June 16, 2025
0

The Ministry of Finance has firmly denied speculation suggesting that Merchant Discount Rate (MDR) will be levied on Unified Payments...

Next Post
Where almost everything is just a click away, the importance of cybersecurity cannot be overstated.

Cybersecurity takes centre stage in an increasingly digital world

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finclusion

© 2024 Finclusion

Quick Links

  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • News
  • Explained
  • Fact Check
  • Inclusion
  • Blog

© 2024 Finclusion

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Go to mobile version