Paytm Announces Upgraded Payments Platform Backed by Fully Indigenous Technology

One97 Communications, which owns the payments and financial services platform Paytm announced the launch of its fully indigenously developed new technology platform.

Paytm has been at the forefront of India's digital revolution with its technology-led innovations that have empowered users with a 'Made in India' payments platform.

The fintech firm's revamped platform is expected to further power its fast, secure and seamless payments.

Paytm's new payments infrastructure will promote sustainable growth of digital payments and financial services in India.

"With a world-class platform that can handle up to 10X of the current scale, Paytm has set a gold standard for fintech, aimed at handling fast-growing digital payments opportunities in the country," it said in a release.

After revolutionising mobile, QR and Soundbox payments, the company's new platform will transform digital transactions, enabling affordable access to financial services.

The digital disruptor made waves in digital payments with its iconic Soundbox, which is yet another shining example of 'Make in India'.

The fintech pioneer has already displayed its tech prowess by building digital payments technology for Japan.

"As a key milestone of the journey of Paytm payments platforms from pioneering new innovations to building solutions for India's small and large merchants, we have come a long way. Today 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 risks system and fraud management from ground up, catering to India's payments growth. This platform will be able to scale to the next up to 10X payments in India. We are here to serve India with a technology made in India. We are proud that we are making this in India for the world," Sharma added.