Paytm founder and Chairman Vijay Shekhar Sharma on Thursday spoke about how Artificial Intelligence (AI) will revolutionize the fintech industry. Sharma, during the 24th Annual General Meeting (AGM) of Paytm’s parent firm One97 Communications Ltd, said, “Companies and businesses that will start adopting AI at a very early stage will become successful,” and added, “GenAI will have a profound impact on every industry across the country”.
The Paytm chairman also mentioned, “Just like India has taken the lead in the financial technology, the same way it will do it in the AI space. Paytm will lead the industry with AI capability”.
Talking about Japan’s PayPay, Sharma said Paytm has adopted AI in Japan, supporting risk management and fraud detection.
“Our risk management and fraud detection systems not only enhance our payment solutions in India but also support one of the largest mobile payment companies in Japan (PayPay), where we are also a potential shareholder. There is strong demand and high expectations for us to continue advancing our AI-powered risk management solutions,” Sharma added.
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He said that the company’s goal right now is to harness AI in the fintech space.
“Our goal is to harness these technologies to improve our core business operations and drive down expenses,” Sharma said.
Notably, the company laid off more than 1,000 employees from its operations, sales, and engineering teams in December after adopting AI in most of the operational work.
Apart from AI, the Paytm boss said he would reapply for a payment aggregator (PA) license to reserve Bank in due course.
Recently, the Centre allowed Paytm to invest in its payment services business.
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“We would like to inform you that PPSL has received approval from the government of India, Ministry of Finance, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the company into PPSL. With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners,” Paytm had informed the stock exchanges earlier.
RBI had rejected Paytm’s PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under the foreign direct investment norms.
One97 Communications stock closed at 0.083% up at Rs 667.05 on the Bombay Stock Exchange (BSE) on Thursday.