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Paytm launches upgraded payments platform powered by 100% indigenous tech

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Synopsis One97 Communications Limited (OCL), that owns leading payments and financial services company Paytm, on Friday announced the launch of its new technology platform that is built with 100 per cent indigenous developed technology. ETtech One97 Communications Limited (OCL), that owns leading payments and financial services company Paytm , on Friday announced the launch of its new technology platform that is built with 100 per cent indigenous developed technology. With this, the company said it has taken another step towards ‘Atmanirbhar Bharat’ to promote digital payments in the country.

A “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,” said Vijay Shekhar Sharma , Founder and CEO, Paytm. “We have built a new operational risk system and fraud management from the ground up, catering to India’s payments growth. This platform will be able to scale to the next up to 10X payments in India,” he added.

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. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 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. “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,” said Sharma.

The 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 said its new platform will transform digital transactions, enabling affordable access to financial services.

Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Friday, 24 Mar, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Brands & Companies Disruption More Sebi Set to End Permanent Board Positions Reining in special rights, ASBA-like system for stock trades, and allowing PEs to become MF sponsors are also on agenda. Vedanta Likely in Talks to Sell 10% in India Unit With debt repayments up to $2 billion maturing by June, billionaire Anil Agarwal-led Vedanta Resources Ltd (VRL) has reached out to investors for a strategic stake sale of up to 10% in India-listed Vedanta Ltd (VEDL), said people with knowledge of the matter.

India’s Return to Normalcy has a Price & Households are Paying It The return to normalcy from the pandemic has turned out costly for households with office and school requirements triggering a spike in prices of items such as shirts, trousers, shoes, coats and school uniforms among others. Read More News on One97 Communications Limited india bank vijay shekhar sharma sharma Bank Rate paytm Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

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From: economictimes_indiatimes
URL: https://economictimes.indiatimes.com/tech/technology/paytm-launches-upgraded-payments-platform-powered-by-100-indigenous-tech/articleshow/98978344.cms

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