Paytm launches next-generation payments platform backed by home grown technology

Payments and financial services platform Paytm has taken another step towards Atmanirbhar Bharat to promote digital payments with the launch of its next-generation tech platform. One97 Communications Ltd (OCL), the parent company of Paytm, on Friday announced the launch of its upgraded payments platform that is built with 100 percent indigenously developed technology.

“We are happy to announce the launch of our next-generation payments platform powered by 100% Made-in-India technology. This platform is a shining example for Atmanirbhar Bharat which supports Paytm business to easily scale 10x of today,” Paytm tweeted.

 

Paytm, founded by Vijay Shekhar Sharma, has been at the forefront of India's digital payments transformation with its technology-led innovations. Paytm’s revamped platform is expected to bolster its fast, secure and seamless payments.

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The revamped platform will ensure that the previous technology platform is upgraded with new-age tech solutions that are locally built and supported in-house.

Paytm has set a gold standard for other fintech firms by launching a world-class platform that can handle up to 10 times the current scale, the company claimed. This move is aimed at tapping into the fast-growing digital payment opportunities in the country.

Paytm has emerged as a vital cog in India's mission of building a trillion-dollar digital economy. The massive -upgrade of its payment platform through an indigenous full-stack development will go a long way in enabling affordable access to financial services.

CEO Vijay Shekhar Sharma has also weighed in on Paytm’s new technology platform. In a statement, he expressed optimism about Paytm’s ability to serve the country with made-in-India technology.

Vijay Shekhar Sharma said, “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 risks system and fraud management from the ground up, catering to India’s payments growth.”