Paytm, the payments and financial services platform owned by One97 Communications, has announced the release of its new technology platform developed entirely in-house. According to the company, the upgraded platform would improve Paytm’s fast, safe, and seamless payment services.
Paytm has introduced a new payments infrastructure to support India’s sustainable growth of digital payments and financial services. According to a company statement, the fintech company’s updated infrastructure is designed to promote fast, secure, and seamless payments and can manage up to 10 times the current scale. To tackle India’s rapidly growing digital payments segment, Paytm aims to set a gold standard for fintechs.
The company states that Paytm has transformed the mobile, QR, and soundbox payments sectors and that its new platform would transform digital transactions by lowering costs and increasing the accessibility of financial services. The innovative Soundbox product from the fintech company is an excellent example of the ‘Made in India’ initiative, which aims to promote local manufacturing and entrepreneurship.
Paytm, which has already proven its technological capabilities by building Japan’s digital payment infrastructure, has now reached a new milestone with the introduction of its fully indigenous new technology platform. Paytm’s founder and CEO, Vijay Shekhar Sharma, highlighted the company’s journey from pioneering innovative solutions to creating technology for small and large merchants in India. By developing every aspect of the new platform in-house, Paytm has demonstrated that India has the potential to build scalable, world-class software technology.
“We have built a new operational risk system and fraud management from the ground up, catering to India’s payments growth. This platform will be able to scale to the next up to 10X payments in India. We are here to serve India by a technology made in India. We are proud that we are making this in India for the world,” Sharma added.