Paytm Launches its Own AI Cloud For India
Expanding its horizon in a B2B segment, the parent entity of Paytm, One97 Communications, has announced the launch of its AI Cloud computing platform “Paytm AI Cloud for India” for developers, startups and enterprises. This came in partnership with global tech leader Alibaba.
The payments major has claimed to store consumer data locally in servers located only in India while conforming to the highest security and privacy standards.
The AI-powered cloud computing platform will offer a suite of business-centric apps for organizations that need high-quality solutions. This will include ready-to-use services that will allow businesses to automate their workflow, integrate payments, and provide messaging and customer engagement tools without the hassle of managing hardware and software. The company has committed around Rs 250 crore in this business.
During the launch of the data center in India, Alibaba Cloud promised to provide high-performing and highly-secure products and services to clients in India across the e-commerce, gaming, media, retail and IoT sectors through an extensive network of distributors. It will be interesting to see how Paytm leverages its major investors Alibaba’s Cloud computing business.
The marketing automation capabilities will allow users to have a one-to-one relationship with every customer across multiple channels. The platform will also allow enterprises to easily design their customer’s lifecycle and interaction touch-points while offering rewards that matter to their business. Through an easy-to-integrate API, developers can leverage Paytm’s payment gateways to accept payments using any payment method, including credit or debit card, UPI, net banking and Paytm Wallet.
With the release of its cloud offering, Paytm will now compete with Indian SaaS player and Chennai-based Freshworks and also Sridhar Vembu’s Zoho Corp. The customer engagement platform recently announced its entry into India’s Unicorn club by securing $100 million in financing from Sequoia and Accel Partners, with participation from CapitalG.
Speaking on the reasons behind the foray, Sujit Kumar Mishra, Vice President, Paytm, said, “Paytm AI Cloud saves organizations time, money and resources, so they are able to better focus on building products. At Paytm, we always ensure the highest standards of customer data privacy and security. Our customer’s data is processed and stored locally in India with no access to any third party or investors.”