Paytm CEO Vijay Shekhar Sharma Announces Investment in AI to Develop Software for Artificial General Intelligence
According to Paytm’s founder and CEO Vijay Shekhar Sharma, the company is making investments in Artificial Intelligence (AI) to develop a software stack for artificial General Intelligence. This information was shared in the company’s most recent annual report, where Sharma also highlighted the potential in the Indian market and Paytm’s dedication to serving it while aiming for long-term profitability.
India can expect 500 million payment consumers and 100 million merchants “in the not-too-distant future,” Sharma said in a letter to shareholders in the latest annual report of One97 Communications, which owns the Paytm brand.
Paytm, he said, is investing in Ali to build an Artificial General Intelligence software stack.
Sharma talked about Paytm’s expanded offerings, AI capabilities, and also an “India-scale Al system that will help various financial institutions intercept potential risks and fraud while protecting them from new types of risks arising from the advancement of Al.”
India has an opportunity to become a net exporter of payment technology, software and hardware, thePaytm top honcho said, expressing confidence that the fintech company will “lead the way in this”.
Sharma predicted 500 million payment consumers and 100 million merchants in the near future in India, citing Paytm “leading the way”, the government’s Digital India agenda and the regulator’s encouragement to build an open, scalable payment system.
“We have made it our mission to enable 500 million Indians to benefit from mainstream economic growth. This starts by providing them with mobile payments and helping to provide them with various other financial services like loans, insurance, etc.,” Sharma said.
Paytm, he argued, is not only a beneficiary but also the biggest champion of digital public infrastructure driven by governments and regulators.
He went on to say that Paytm Labs is constantly building various AI and big data capabilities that will increase confidence in payments when consumers or merchants use Paytm.
After mobile payments in India’s digital revolution, Paytm’s next contribution is small mobile credit with high credit quality and fully compliant with government guidelines.
“As expected, this will require advanced capabilities in Al and other technologies. I am very proud of our advanced Al capabilities in place and our expansion,” he said.
Paytm is building an India-scale Al system that will help various financial institutions tackle potential risks and fraud while protecting them from new types of risks arising from the advancement of Ali, he said.
“We believe that by building it in India, we will not only increase the technological capacity of our country, but also create something that could be utilized outside India,” Sharma said.
With a disciplined and results-oriented approach in all chosen investment areas, Sharma expressed confidence that the company will be able to leverage and build strong market differentiators and, in turn, a business that scales efficiently without linear cost escalation.
Apart from payment and credit operations, Sharma said he is excited about the possibilities of the Open Network of Digital Commerce (ONDC).
“We have seen very encouraging early results of the same. I think in the next three years, you will see valuable numbers and results from the hard work done by the team. Your company’s team remains committed to serving India and building a long-term profitable business,” he said.
