Alibaba-backed Paytm rolls out AI Cloud for India

In collaboration with Chinese tech giant Alibaba, digital payments major Paytm on Tuesday launched its AI Cloud computing platform for developers, start-ups and enterprises in India.

This platform offers a suite of business-centric apps for organisations that need high-quality solutions for Cloud computing, ready-to-use services to automate their workflow, easy to integrate payments, messaging and customer engagement without the hassle of managing hardware and software, Paytm parent One97 Communications Ltd said in a statement.

Paytm AI Cloud processes and stores all their consumer data locally in servers located only in India, the company said.

"At Paytm, we have always ensured the highest standards of customer data privacy and security. Our customers data is processed and stored locally in India with no access to any third party or investors," said Sujit Kumar Mishra, Vice President, Paytm.

Alibaba having a large stake in Paytm, which had applied for a non-banking finance company (NBFC) licence, earlier raised concerns about the possible threat to national security. Its reference was brought to the Rajya Sabha in July by nominated member Narendra Jadhav.

Responding to the concerns, One97 Communications Ltd, that owns the brand Paytm, said that the company never shares any of its user`s data with any third party agencies, stakeholders, investors or any foreign entity. Paytm said its AI Cloud platform offers in-built CRM (customer relationship management), campaign management and easy to integrate payment solutions.

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The platform has also built various tech solutions for the enterprises that includes an affordable, easy-to-access computing services, ready-to-use apps, pattern recognition tech, pre-trained models and predictive computation to businesses.

Paytm said it partnered with Alibaba for Cloud Computing infrastructure and would soon offer enterprise-messaging solution in partnership with enterprise communication and collaboration platform DingTalk.