Paytm investing in Al to build artificial general intelligence software stack: CEO Vijay Shekhar Sharma
Paytm is investing in Al to build artificial General Intelligence software stack, founder and CEO Vijay Shekhar Sharma said in the latest annual report and also outlined the India opportunity, the fintech firm's commitment to serve the market and build a long-term profitable business.
India can expect 500 million payment consumers and 100 million merchants "not very far in future", Sharma said, as he penned a letter to shareholders in the latest annual report of One97 Communications which owns the brand Paytm.
Paytm, he said, is investing in Al with an eye on building Artificial General Intelligence software stack.
Sharma talked about Paytm's expanded offerings, AI capabilities, as also "an India scale Al 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 Al".
India has an opportunity to become a net exporter of payment technology, software and hardware, thePaytm top honcho said, exuding confidence that the fintech firm will "lead the way in this".
Sharma projected 500 million payment consumers and 100 million merchants not very far in future in India, and attributed it to Paytm "leading from the front", government's Digital India agenda and the regulator's encouragement to build an open scalable payment system.
"We have set our mission to enable 500 million Indians to get benefits of mainstream economic growth. This begins by enabling them with mobile payments and helping extend various other financial services like loans, insurance etc. to them," Sharma said.
Paytm, he asserted, is not only a beneficiary but also the biggest champion of government and regulator-driven Digital Public Infrastructure.
He went on to
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