Paytm unveils fully indigenous technology-powered upgraded payments platform
Paytm, a platform for payments and financial services, has announced the deployment of a new internal-only technological platform. According to the firm, the improved infrastructure would improve Paytm’s existing quick, safe, and seamless payment processes.
Paytm has introduced a new payments infrastructure in an effort to support the long-term development of digital payments and financial services in India. According to a corporate release, the fintech company’s updated infrastructure is intended to promote quick, secure, and seamless payments and is capable of managing up to 10 times the present scale. In order to address the fast expanding digital payments market in India, Paytm wants to establish a gold standard for fintechs.
According to the firm, Paytm has revolutionised mobile, QR, and soundbox payments, and its new platform is poised to further transform digital transactions by lowering the cost and increasing accessibility to financial services. A shining example of the ‘Make in India’ initiative, which aims to promote domestic manufacturing and entrepreneurship, is the fintech company’s creative Soundbox.
With the introduction of its wholly homegrown new technology platform, Paytm, which has previously demonstrated its technological prowess by creating the digital payments infrastructure for Japan, has reached yet another significant milestone. Vijay Shekhar Sharma, the founder and CEO of Paytm, emphasised the company’s progression from developing cutting-edge solutions to developing technology for both small and large merchants in India. Paytm has shown that India has the ability to construct scalable, top-notch software technology by creating every part of the new platform in-house.