Paytm Bets Big On AI, Plans To Offer AI Agents To Banks And Insurers In India And UAE

New Delhi: Paytm, the digital payment giant, is set to venture into artificial intelligence services, aiming to provide AI agents to banks, lenders, and insurance companies in India and the UAE, according to a Bloomberg report. This new service, named Paytm Intelligence (Pi), is expected to automate various tasks such as sales calls, customer support, and routine back-office operations.

The AI development at Paytm has been reported to have taken approximately two years, utilizing the company's extensive transaction data and customer behavior within its ecosystem. By leveraging this AI model, Pi's agents could perform specialized financial tasks, including fraud detection, creditworthiness assessment, and insurance claim authenticity verification.

Currently in the testing phase with a select group of customers, Paytm plans to scale up the service to a broader clientele. Already, Paytm has integrated AI agents into its own operations, handling over 10 million customer queries monthly and saving more than $11 million annually in customer support costs. Recognizing the potential of this AI technology, Paytm aims to transform its internal AI capabilities into a new business venture, seeking to diversify its growth beyond the highly competitive payments market in India.

The company's recent stability and profitability, coupled with plans to hire around 4,000 individuals to bolster its AI capabilities and expand its merchant network, further signal a strategic shift towards AI-driven services, potentially opening a new enterprise-focused revenue stream in India and the UAE.