The payments and financial services platform Paytm has announced its new and upgraded payments platform capable of handling up to 10 times more payments traffic, quicker processing speed, better success rate and enhanced security.
It’s a 100% Made in India Technology
Digital financial services firm One97 Communications, which owns the Paytm brand, said the revamped platform is built on 100 per cent indigenously developed technology which means that the platform has been developed in India from scratch and on top of tech solution.
"Today by making sure that every component of our technology is made in-house, we have proved that India can build world-class technology software of scale. We have built a new operational risk system and fraud management from the ground up, catering to India's payments growth,” Paytm founder and CEO Vijay Shekhar Sharma said in a statement.
"This platform will be able to scale to the next up to 10X payments in India. We are here to serve India with a technology made in India," Paytm founder said.
After revolutionizing mobile, QR and Soundbox payments, the company said its new platform will transform digital transactions, enabling affordable access to financial services.
PayTm has played a major role in bringing revolution in digitalization of payments in the country. The revamped system will further boost the digital payment infrastructure in the country.
How Paytm Brought Digital Revolution in India?
Founded in 2010 by Vijay Shekhar Sharma, Paytm began as a platform for mobile recharges and bill payments. Over the years, Paytm has grown into a one-stop-shop for all types of financial transactions, including online shopping, movie tickets, travel bookings, and more.
Paytm's success in the Indian digital payment industry can be attributed to several factors. Firstly, Paytm recognized the need for digital payments in India long before it became mainstream. India is a country where cash transactions are still prevalent, and people have been sceptical about digital payments. However, Paytm has managed to overcome this hurdle by offering a seamless and user-friendly payment experience.
Secondly, Paytm leveraged the power of mobile phones to make payments accessible to everyone. India has over a billion mobile phone users, and Paytm's mobile-first approach helped it reach a wider audience. Paytm's mobile app is easy to use and available in multiple Indian languages, making it accessible to people from all walks of life.
Thirdly, Paytm's strategic partnerships with merchants and businesses have helped it expand its reach. Paytm has partnered with thousands of merchants across India, from small mom-and-pop stores to large retail chains. Paytm has also partnered with several government agencies, including the Indian Railways, to enable digital payments for their services.
Fourthly, Paytm's focus on security and trust has won the trust of millions of users. Paytm uses the latest encryption and security technologies to protect user data and transactions. Paytm also has a dedicated fraud detection and prevention team to ensure that users' money is safe and secure.
Finally, Paytm's innovative products and services have set it apart from its competitors. Paytm has launched several new products, including Paytm Wallet, Paytm Payments Bank, and Paytm Money. Paytm Wallet allows users to store money digitally and make payments at any Paytm merchant. Paytm Payments Bank is a full-fledged digital bank that offers savings accounts, debit cards, and other banking services. Paytm Money is an online investment platform that allows users to invest in mutual funds, stocks, and gold.