Paytm is set to harness the power of Generative Artificial Intelligence (AI) in a new technology platform. Paytm founder and CEO Vijay Shekhar Sharma said during a post-earnings conference call with analysts on May 6 that the platform has been in development over the past year and has expanded into areas such as fraud detection, customer care and customer onboarding. revealed that it enables generative AI in the field of
“Generative AI does a lot of the work of humans, from onboarding to customer care to fraud detection. ‘, said Sharma.
Sharma believes generative AI will revolutionize the way server-side components are used, much like Google has done with internet search. This advanced technology replaces many of the tasks previously performed by humans, increasing efficiency in areas such as customer care and fraud detection. Plus, it helps your business scale to new heights of solutions.
Generative AI generates new content, code, or synthetic data automatically or based on user prompts. The technology is expected to make Paytm’s platform more cost-effective, allowing him to execute ten times as many transactions as he does today.
Paytm’s new technology platform has been developed entirely in-house and is expected to give it an edge over its competitors. His Paytm revenue for the March quarter increased by 52% to Rs 2,335 million, while the loss narrowed to Rs 168 million from the previous year’s Rs 763 million.
In Q4 FY2023, Paytm posted a 41% year-on-year increase in its payment services revenue to Rs 1,467 crore. However, excluding the UPI incentives granted by the government last quarter, payments revenue grew 28% year over year. Moreover, the company’s Gross Merchandise Value (GMV) surged by 40% year-on-year to reach Rs 3.62 lakh in Q4 2023.
Excluding last quarter’s UPI incentives, the company’s net pay margin increased by 158% year-on-year to Rs.687 million, resulting in a net pay margin of Rs.554 million, an increase of 107% year-on-year. bottom. Through the 23rd fiscal year, Paytm’s net payment margin grew a staggering 2.9 times to reach Rs 197 billion.
Paytm’s focus on generating additional payments monetization has also led to subscription revenue growth, with 6.8 million merchants paying for device subscriptions as of March 2023. , nearly doubling year-over-year growth from 29 million as of March 2022.
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