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Paytm invests in AI for artificial general intelligence software

By Nithya Bose in Business News, posted August 22, 2023

Fintech giant Paytm is investing in artificial intelligence, a technological juggernaut reshaping the landscape across various sectors.

Founder and CEO Vijay Shekhar Sharma announced the move in a letter addressed to shareholders.

Sharma said Paytm aims to build an artificial general intelligence software stack.

He said: “We believe by building it in India we are not only making our country’s tech capability, also creating something that could be leveraged outside India.”

This comes when Paytm seeks to build products powered by advanced tech capabilities.

"I am proud of our advanced AI capabilities"

Sharma added: “In India’s digital revolution after mobile payments, Paytm’s next contribution will be small mobile credit with high credit quality and fully compliant with the regulator guidelines.

“Expectedly this requires sophisticated capabilities in AI and other technologies….with a disciplined and result oriented approach in all our selected investment areas, we are sure we will be able to capitalise and build strong differentiators in the market and in turn a business that scales efficiently without linearly adding to costs.”

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“I am very proud of our advanced AI capabilities in use and how we are expanding.

“We are building an India scale AI 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 AI.”

Sharma said the company is in the next phase of the smartphone-driven revolution.

He said: “In India, we can expect 500 million payment consumers and 100 million merchants not very far in future….the success of current digital public infrastructure is giving way to new services, clearly in financial services and also in new areas like health and retail.”

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