Paytm founder and managing director (MD) Vijay Shekhar Sharma has made a case for the power of artificial intelligence (AI), predicting that the technology will significantly impact every industry, with early adopters reaping rewards.
Addressing Paytm's annual general meeting 2024 on September 12, where the new technology dominated the conversation, Sharma said the company was committed to leading the industry with its advanced AI capabilities.
"We, as a nation, have leapfrogged to become leaders in financial technology, and now we have the opportunity and obligation to extend that leadership into AI technology. Paytm aims to lead the industry with our advanced AI capabilities,” Sharma said.
Talking about Paytm’s AI adoption, Sharma said its systems were operational in Japan as well, 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," he said.
Since 2023, the fintech major has been pushing for AI-powered systems to improve business efficiency. “Instead of expanding business functions, we are trying to add capabilities of machines and systems to the platform. The systems will continue to grow and this will create demand in a linear way of the number of people we need,” Sharma had said during a Q3 earnings call with analysts.
At the AGM, he said early adoption of AI technologies would be crucial for companies aiming to stay ahead in a rapidly evolving landscape. "We are still in the early stages of AI. Those who leverage it now will pave the way for long-term success," Sharma said.
Stressing on the importance of AI in improving operational efficiency and reducing costs, the Paytm founder said, “Our goal is to harness these technologies to improve our core business operations and drive down expenses.”
Sharma also discussed the broader implications of AI for the industry. He drew comparisons with historical technological shifts such as the transition from manual to automated systems, to illustrate AI’s potential impact.
Paytm's AI shift has led to job cuts. In December, the fintech major laid off more than 1,000 employees from its operations, sales and engineering team.
At 10.41 am, Paytm parent One 97 Communications was trading at Rs 668.45 on the National Stock Exchange, up 0.3 percent from the previous close.
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