Dubai [UAE], November 28 : Vijay Shekhar Sharma, the founder of Paytm, on Tuesday talked about the company's future endeavours, emphasizing its commitment to India while revealing plans for international expansion and a significant integration of artificial intelligence (AI).
In an exclusive interview with ANI, Shekhar spoke about Paytm's core identity and emphasised that Paytm is a product crafted in India, designed specifically for the Indian market.
Shekhar said, "I think Paytm is a product that we have made in India, for India. There is something that we've done, and there are a lot of things that we are still to commit and deliver in India. For example, like you've seen us doing the payments significantly, while some production credit, some product and insurance have come up".
With Paytm's intrinsic ties to India, Shekhar also hinted at the company's aspirations to expand into larger economies. Reflecting on entry into Japan through a partnership with Masayoshi Son of SoftBank, he expressed openness to similar collaborations.
"We see our opportunities in bigger markets, bigger economies. So wherever we go, we'll take decisions, and I think large economies, developed economies will also be on the table to make a decision."
While acknowledging the strides made in payment services, he highlighted that there is still substantial work to be done in areas such as production credit and insurance within the Indian landscape.
Paytm, he reiterated, remains primarily an Indian company with a focus on addressing domestic needs before contemplating ventures into other markets.
Talking about AI technology, Shekhar said, "AI is something that, in my opinion, will change the way we all live. In my opinion, in the next three years, we would rather be an AI technology company. Obviously, the offering will be financial services, there is no secret, but the amount of integration of AI as a fundamental workflow will be dramatically more."
"So instead of being called, let's say, mobile payment company or internet technology financial services company as either going to be called AI-led financial services company, so we are building our own models, many use cases of AI integrated to our product and platform," he added.
He asserted that Paytm's technology and products are not limited to emerging economies but have the potential to serve mature markets, indicating a strategic interest in larger and more developed economies.
Shekhar shared a profound vision for Paytm's technological evolution, particularly in the realm of Artificial Intelligence. He believes that AI will revolutionize daily life and, within the next three to five years, Paytm aims to transition into an AI-led financial services company.
The goal is to integrate AI as a fundamental workflow, transforming Paytm into a pioneer in AI technology within the financial services sector.
Addressing the rising concern about deepfakes, Shekhar lauded the Indian government for taking a strong stance against platforms exploiting deepfakes.
"I am very happy with the way that our Prime Minister to the Minister, everybody came out strongly against the platforms using the fakes," Shekhar stated.
"We are in an election year. There could be a lot that could go bad, but I'm happy that the government has held the bull by the horns. And it is a great step. The second thing that I want to tell you is that we are underestimating once again that what kind of AI-led tsunami could come, so we have to be aware of the next thing, and the round goes to India," he added.
He acknowledged the government's role in raising public awareness about the potential misuse of AI-generated content, especially during elections.
Shekhar underscored the importance of staying vigilant, anticipating an "AI-led tsunami," and lauded the government's proactive measures in addressing this emerging challenge.
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