by Elton Gomes
One97 Communications, the company that owns Paytm, has officially announced the launch of its artificial intelligence (AI) cloud computing platform, Paytm AI Cloud. The platform will be helpful for developers, start-ups, and enterprises and is being launched in partnership with tech giant Alibaba. The company makes a foray into the field of AI and cloud computing after launching a mobile wallet, financial services, an online marketplace, among other verticals.
The AI-powered cloud computing platform offers several business-centric apps for organisations looking for solutions for cloud computing. In India, Microsoft and Amazon are few of the largest cloud service providers, and Paytm could gain a local edge in such a field. “The ready-to-use services would help to automate workflow, easy-to-integrate payments, messaging and customer engagement without the hassle of managing hardware and software,” the company said in a blog post.
Speaking about the importance of AI, Paytm’s vice president, Sujit Kumar Mishra, said, “Every new-age organisation needs to be AI-enabled…. They need growth engines to acquire customers, engage one-to-one with them, and AI empowered systems to predict their business,” MoneyControl reported.
Paytm AI Cloud will help firms in processing and storing consumer data locally in servers located only in India while complying with the highest security and privacy standards. The platform offers in-built CRM, campaign management, and easy to integrate payment solutions. Additionally, it has developed various tech solutions for those enterprises that include affordable computing services, ready-to-use apps, pattern recognition tech, pre-trained models, and predictive computation to businesses.
Apart from the above services, Paytm’s cloud platform comprises of a state-of-the-art enterprise-grade cloud computing platform. This platform is equipped with many services for quickly building, deploying, and scaling products & solutions. The Cloud also has a marketing automation platform to foster a one-to-one relationship with every customer across multiple channels.
Furthermore, Paytm’s Cloud has a full-stack payment infrastructure that helps in accepting payments and conducting payouts, whether online or offline. Through its easy-to-integrate API, developers are able to fully leverage the potential of Integrating Paytm’s payments gateway—this accepts payments using any payment method like credit/debit cards, UPI, net banking, and Paytm wallet.
Paytm’s other ventures
Paytm looks to expand its presence in India, after foraying into providing forex services. In partnership with Centrum Direct, One 97 Communications announced that it will be introducing forex services for exchange of money of 20 international currencies on its platform.
The company said that consumers will now be able to order the multi-party Paytm forex card or cash in foreign currency either to be delivered at your doorstep delivery or at retail Paytm outlets. The company said that the service is only available via Paytm’s website, but it will soon be enabled on apps as well.
Earlier in 2018, Paytm was preparing to enter mutual fund distribution, wherein customers could be able to buy mutual funds with the tap of a button.
Elton Gomes is a staff writer at Qrius.
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