Indian payment giant Paytm recently announced a partnership with the US hardware company Groq, using GroqCloud services to enhance the performance of its artificial intelligence (AI) models. This move aims to improve transaction processing, risk assessment, fraud detection, and consumer interaction, further enhancing the intelligence level of its platform.

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GroqCloud is a cloud service provided by Groq for developers and enterprises, specifically used for AI inference, which involves obtaining outputs and insights from trained models. This service is based on Groq's self-developed language processing units (LPUs), which are specially designed for inference, offering faster performance and higher energy efficiency compared to traditional GPU systems.

Narendra Singh Yadav, Chief Commercial Officer of Paytm, said: "We have been continuously improving our AI capabilities, aiming to make payments faster, more reliable, and smarter." He added that the collaboration with Groq will strengthen Paytm's technical foundation, enabling large-scale real-time AI inference, further advancing its goal of building India's most advanced AI-driven payment and financial services platform.

Currently, Paytm has widely applied AI technology in consumer-facing and internal operations. The company recently launched India's first AI-powered smart speaker aimed at serving small and medium-sized businesses. This smart speaker includes an assistant that can communicate with merchants in 11 Indian languages, providing real-time insights and feedback on their payment activities and business data, becoming a "AI Business Assistant" for merchants.

At this year's Global Fintech Festival, Paytm CEO Vijay Shekhar Sharma demonstrated this smart speaker live, asking how much money it had received in a day, and the device responded in the same language within seconds. In addition, Paytm also uses AI technology for quality checks during merchant onboarding, image and text recognition, and name matching.

Aside from applying AI technology on its internal platform, Paytm has also launched Paytm ARMS (Merchant Lifecycle Insights Platform) and Paytm Pi (fraud and risk detection system), automating merchant onboarding, fraud detection, customer segmentation, and pricing optimization through AI. Moreover, Paytm has introduced conversational AI agents that provide personalized assistance to customers in 11 languages through text and voice.

Key Points:

🌟 Paytm partners with Groq, utilizing GroqCloud services to enhance AI model performance, improving transaction processing and risk assessment.

🗣️ Paytm's AI-powered smart speaker can communicate with merchants in 11 languages, providing real-time business data feedback.

🤖 Paytm automates merchant onboarding, fraud detection, and customer service through AI technology, enhancing user experience.