Vijay Shekhar Sharma, the founder and CEO of Paytm, has made a resounding endorsement of artificial intelligence (AI), revealing that the fintech giant is actively pursuing the creation of a comprehensive artificial general intelligence (AGI) stack. AGI pertains to AI models capable of autonomously performing tasks to achieve objectives without human intervention.
A Vision for AGI Adoption Globally
In his annual report for FY23, Sharma conveyed the company’s augmented investments in this emerging technology. He highlighted Paytm’s goal to utilize the potential of the AGI model globally, not just in India. He stated, “We’re not only demonstrating India’s tech capability by developing it here, but also crafting something usable worldwide.”
Paytm Pursuit of In-House AI Capabilities
Sharma spotlighted Paytm’s in-house AI capabilities, articulating the firm’s ambition to engineer an indigenous AI system. This system aims to proactively identify potential risks and frauds within the financial sector through the deployment of advanced AI technology.
Positioning India as a Payment Technology Leader
Sharma underscored India’s opportunity to become a “net exporter of payment technology, software and hardware.” He attributed this potential to Paytm’s exceptional research and development, design, and software capabilities.He said, “Paytm is ready to lead this effort. It will use its AI and big data skills to improve payment trust.”
Paytm Path Forward
Sharma affirmed Paytm’s proactive stance in the ever-evolving digital payment landscape. He envisioned reaching 500 million payment consumers and 100 million merchants. He confidently expressed Paytm’s ability to lead in this dynamic ecosystem. Sharma emphasized disciplined investment strategies to differentiate the company and enable efficient scaling. He concluded by reiterating Paytm’s commitment to long-term profitability.
This declaration aligns with Paytm’s recent focus on launching new initiatives while streamlining expenses. Amidst competition from industry counterparts like PhonePe, Paytm has strategically prioritized profitability and revenue expansion. The company’s consolidated net loss notably decreased from INR 645.4 crore in the first quarter of FY22 to INR 358.4 crore in the corresponding period of FY24.
One97 Communications, Paytm’s parent company, experiences stock price fluctuations. The fintech leader stays committed to its ambitious vision. The vision aims to transform the digital payment landscape. The company ensures sustainable growth despite challenges.
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