One97 Communications Limited (OCL) announced that Paytm will start using a new technology platform. The platform, which is part of the “Atmanirbhar Bharat” plan to encourage digital payments in India, was made entirely with technology from India. Vijay Shekhar Sharma, the founder and CEO of Paytm, said that building the technology parts in-house shows that India can make software of the highest quality on a large scale. The company tailored the new platform to India’s payments growth and ensured that it can handle up to 10X payments in the nation. Furthermore, they revamped the operational risk system and fraud management for the platform. The new platform is now ready for use.
Paytm has been making investments in India’s effort to create a digital economy worth $1 trillion. This upgrade of its payments platform with in-house full-stack development will encourage more digital payments in India. Sharma also said that the technology helps make payments fast, safe, and easy. It was made in India for the whole world. After the company revolutionized mobile, QR, and Soundbox payments. The new payments infrastructure will support the sustainable growth of digital payments and financial services by transforming digital transactions. And enabling affordable access to financial services.
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Vijay Shekhar Sharma founded Paytm in 2010. The company that owns Paytm, One97 Communications. Sharma has founded it. In 1997, Sharma founded the website indiasite.net, which he later sold for $1 million to launch his professional career. Later, in 2000, he founded One97 Communications, a company dedicated to offering telecom operators value-added services. He started Paytm in 2010 as a platform for mobile recharge and bill payments. It has since developed into one of India’s top digital payment and financial services providers.