Paytm's Vijay Shekhar Sharma talks about AI engagement in core business at AGM

Paytm founder Vijay Shekhar Sharma at AGM: Addressing the company's Annual General Meeting on Thursday, Paytm CEO and founder Vijay Shekhar Sharma said that artificial intelligence will play a key role in its core business. He also said that some of the AI-based technologies that Paytm is using could form a business of their own.

"Our commitment and our opportunity is to make AI a part of our core business," Vijay Shekhar Sharma said at the AGM.

"Our team is using AI in all areas -- technology, product, business, operations. I am very pleased to say Some of these technologies are so advanced that they could potentially form entire businesses on their own. However, we remain focused on our core payments business and cross-selling financial service," he added.

Vijay Shekhar Sharma talks about transforming Paytm's core business

Speaking at the AGM, the Paytm founder also talked about transforming the company's core business from a payments-centric model to a fee-based model. "My team, which over the past six months and last year, has transformed our entire business model into a payment-centric, merchant payment centric, and cross-selling financial services. That is, for merchants, we provide the facility of payments, and along with that if the merchant needs, any loan, insurance, or mutual fund, we also cross-sell those services to them. We have scaled this business model in an effective way," Sharma said at the AGM.

"I believe that there is an opportunity of at least 10 crore merchants in the country," he added.

Vijay Shekhar Sharma talks about transforming Paytm's goals

At the AGM, the Paytm founder also touched upon the company's goal ahead. He said that at the moment, Paytm was serving around 40 million merchants and that its ambitious goal was to reach 100 million merchants in the country.

"Currently serving approximately 40 million merchants, Paytm aims to reach 100 million across the country, including diverse merchants such as rickshaw drivers and plumbers...The company’s strategy includes cross-selling loans, insurance, and mutual funds through partnerships with major banks and NBFCs, further solidifying its position in the market," he said.

Lastly, Sharma said that Paytm would file an application for a payments aggregator's licence soon. "Paytm recently secured the Foreign Direct Investment (FDI) approval from the Government of India and will soon apply for a payment aggregator licence from the Reserve Bank of India (RBI)," he added.