In the past few years, the fintech industry has contributed massively to enable digital transformation for every industry, which thereby smoothen customer experience. Years ago, contactless payments for transactions at a grocery store or even at a street vendor was a laughable innovation to take place. In this process of digitisation, artificial intelligence (AI) has aided the new age fintech companies in building quick response customer support, analysing user data and improving accuracy.
AI is expected to be a game changer for the fintech industry specially for a leading payments and financial services company like ours. We are leaders of in-store payments providing a one-stop solution to all the payment needs of our users and merchant partners. Our consistent efforts to bring revolutionary products is all thanks to our investment in AI.
“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 regulators guidelines. Expectedly this requires sophisticated capabilities in AI and other technologies. 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.”Vijay Shekhar Sharma, Founder and CEO at Paytm
One of our biggest achievements has been distributing small digital loans to consumers and merchants using Paytm platform on a regular basis, which develops a relationship with our platform. Apart from loan distribution to consumers and merchants, we also collect loans on behalf of our lending partners by leveraging our technological and digital capabilities, which ensures that our collection business is a low-cost process.
Adding to it, Paytm is investing in AI with an eye on building Artificial General Intelligence software stack that will eventually provide us with an opportunity to become a net exporter of payment technology, software and hardware. Paytm Labs is constantly building various AI and big data features that enhance payment trust, when consumers or merchants use our platform.