In a letter to the company’s shareholders, Paytm founder Vijay Shekhar Sharma emphasized that the company is making investments in artificial intelligence, with a particular focus on developing a software stack for Artificial General Intelligence (AGI). This innovation can be used outside of India and is not just aimed at the Indian market.
Sharma said, “Paytm is investing in AI with the goal of creating a software stack for artificial general intelligence. By developing it here, we are also producing something that could be used outside of India, in addition to advancing India’s technological capacity.”
Small mobile-led credit is the first application that Paytm hopes to use AI for. “Paytm’s next important contribution to India’s digital revolution will be small mobile credit with good credit quality and complete adherence to regulators’ standards. This project calls for highly developed AI and other technological skills. I am incredibly happy with our current AI capabilities in use and our ongoing growth,” the CEO said.
Sharma also noted that Paytm has built a methodology for delivering small digital loans through payment partnerships with both customers and merchants over the past two years with success. In this approach, the risk is taken on by the lending partners of Paytm, who employ the fintech’s capabilities to streamline loan distribution and repayment.
Further adding to the AI capabilities of Paytm, Sharma said, “We are building an India-scale AI system, in order to help financial institutions identify possible hazards and frauds while also protecting them from new kinds of threats brought on by advances in AI.”
In a letter to Paytm’s shareholders in May, Sharma voiced his opinion that the rise of Artificial General Intelligence would provide opportunities to improve business efficiency and introduce AI-first solutions. In the near future, the company projects that there will be 100 million merchants and 500 million payment consumers in the nation.