Paytm, a fintech major in India, has launched a new and upgraded payments platform that is built on an indigenously developed tech stack. The revamped system can handle up to 10 times the current scale and will enhance the digital payments experience through quicker processing speed, better success rate, and security. The new platform has a robust architecture that will purportedly promote sustainable growth of digital payments in the country, and has been built from scratch in India. The company claims to have built operational risk and fraud management systems in-house. The announcement comes amid a spell of good news for the fintech player, including an 8% rise in its stock in the past five trading sessions, and a record high of 40 lakh loans worth INR 4,158 crore disbursed in February. However, regulatory issues and executive departures have also plagued the company recently.
Paytm, a services platform owned by One97 Communications, has announced the release of a new technology platform developed entirely in-house. The upgraded platform is expected to improve the company’s already fast, secure, and seamless payment services, and can handle up to 10 times the current scale. The aim is to set a gold standard for fintechs to tackle the rapidly growing digital payments landscape in India and promote the sustainable growth of digital payments and financial services. The company claims that Paytm has been a game-changer in the mobile, QR, and soundbox payments space and that its new platform is set to revolutionize digital transactions and make financial services more accessible and affordable. Additionally, Paytm’s Soundbox has been a shining example of the ‘Make in India’ initiative, which aims to boost domestic manufacturing and entrepreneurship.