Fintech platform Paytm announced the launch of its new and improved payments platform on Friday (March 24), which is based on an indigenously developed tech stack.
The upgraded system will be able to handle up to ten times the current volume and will’significantly’ improve the digital payments experience through faster processing speed, higher success rates, and increased security.
According to the fintech platform, the new digital payments platform was built in India from the ground up and on top of in-house tech solutions. Be it the operational risk or the fraud management system, the listed fintech giant claims to have built these facets of the business from the ground up.
According to the company, the new platform has a strong architecture that will promote long-term growth in digital payments in the country.
“… Today, we have demonstrated that India can build world-class technology software on a large scale by ensuring that every component of our technology is made in-house.” We have built a new operational risk system and fraud management from the ground up to support India’s payments growth,” said Vijay Shekhar Sharma, founder and CEO.
“This platform will be able to scale to the next up to 10X payments in India,” he added. We are here to serve India with Indian-made technology. We are proud that we are producing this in India for the rest of the world.”
The announcement comes amid a string of good news for the fintech company, which has been plagued by issues ranging from regulatory issues to a plummeting stock price.