Made In India: Paytm Upgrades Payments Platform Powered By 100% Indigenous Technology
The technology will further boost digital payments and enhance consumer experience
*This is in partnership with BQ Prime BrandStudio
One97 Communications Limited (OCL), which owns the brand Paytm, India’s leading payments and financial services company and the pioneer of mobile payments, QR and Soundbox, announced the launch of its new technology platform that is built with 100% indigenous developed technology. With this, the company has taken another step towards “Atmanirbhar Bharat” to promote digital payments in the country.
Paytm has been at the forefront of India’s digital revolution with its technology-led innovations that have empowered users with a “Made in India” payments platform. The platform has been revamped, ensuring that the previous technology platform is upgraded with new-age tech solutions that are locally built and supported in-house. With a world-class platform that can handle up to 10X of the current scale, Paytm has set a gold standard for fintechs, aimed at handling fast growing digital payments opportunities in the country.
The company has been investing heavily in India’s mission of building a trillion dollar digital economy. This massive upgrade of Paytm’s payments platform through an indigenous full-stack development will further boost digital payments in the country. It is also aimed at significantly enhancing consumer experience of digital payments through much better success rate, speed, and security.
Vijay Shekhar Sharma, Paytm founder and CEO, said, “As a key milestone of the journey of Paytm payments platforms from pioneering new innovations to building solutions for India’s small and large merchants, we have come a long way. 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 risks system and fraud management from grounds up, catering to India’s payments growth. This platform will be able to scale to the next up to 10X payments in India. We are here to serve India by a technology made in India. We are proud that we are making this in India for the world”.
With a robust architecture, the company’s revamped platform will further power superfast, secure, and seamless payments. Paytm’s new payments infrastructure will promote sustainable growth of digital payments and financial services in India. After revolutionising mobile, QR, and Soundbox payments, the company’s new platform will transform digital transactions, enabling affordable access to financial services. The digital disruptor made waves in digital payments with its iconic Soundbox, another shining example of “Make in India”. The fintech pioneer has already displayed its tech prowess by building the digital payments technology for Japan.