Paytm enters cloud computing space, partners with Alibaba to launch Paytm AI Cloud
One97 Communications' AI-powered cloud computing platform will offer a suite of business-centric apps for organisations, and take on FreshWorks and Zoho Corp.
One97 Communications Limited, the parent company of digital payments leader Paytm, has announced the launch of Paytm AI Cloud for India, its AI cloud computing platform, in partnership with global tech leader Alibaba.
Paytm said the AI-powered cloud computing platform will target developers, startups, and enterprises, and offer a suite of business-centric apps for organisations 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.
In a statement, the company said Paytm AI Cloud processes and stores all consumer data locally, in servers located only in India. Paytm is also looking to offer enterprise-messaging solutions in partnership with DingTalk.
Speaking on the reasons behind the foray, Sujit Kumar Mishra, Vice President, Paytm, said, “Every new-age organisation needs access to infrastructure to quickly sandbox their ideas, run through multiple experiments, and iterate hypothesis without worrying about managing their infrastructure. They need growth engines to acquire customers, engage one-on-one with customers, and require AI to predict their business. With these, they also need better collaboration and workflow automation tools to become more productive and efficient.”
“Paytm AI Cloud saves organisations 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 customers data is processed and stored locally in India with no access to any third party or investors,” Sujit added.
What all does it do?
The platform has built various tech solutions for enterprises, including affordable, easy-to-access computing services and ready-to-use apps, along with pre-trained models that help with predictive computation.
In a statement, Paytm listed out the key areas Paytm AI Cloud will cover.
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.
The full-stack payment infrastructure will accept payments and conduct payouts, whether online or offline. 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.
The cross-platform enterprise messaging solution will allow secured conversations over multiple communication modes, including email, chat, call, or audio-video conference. Teams can also quickly convert any conversation to tasks and set follow-ups and reminders. The embedded drive allows for super-easy and secure sharing of files.
Paytm Cloud will also allow for workflow automation apps to help the organisation to streamline and integrate attendance, approvals, reimbursements, payroll, and training among other things.
With the release of its cloud offering, Paytm will now compete with Indian SaaS player and Chennai-based Freshworks. 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. After this round, the total funding raised by Freshworks stood at $250 million. Paytm AI Cloud will also compete with Sridhar Vembu’s Zoho Corp.