Paytm's parent company, One 97 Communications, a fintech business, has announced a collaboration with Groq, a US-based company, to include high-performance AI capabilities into its financial services and payments ecosystem.
Key Highlights
- Paytm partners with Groq to deploy ultra-fast AI, enhancing fraud detection and transaction speed.
- The collaboration introduces GroqCloud powered by LPUs, enabling significantly faster, more cost-efficient AI inference than traditional systems.
Through this partnership, Paytm will use GroqCloud, which is driven by Groq's specially designed Language Processing Units (LPUs), which are intended to provide AI inference much more quickly and affordably than conventional GPU-based systems.
Jonathan Ross, a former Google engineer, launched Groq, which produces incredibly fast AI processors that allow for large-scale real-time computing. According to Paytm, the technology will bolster the company's continuous efforts to improve fraud detection, risk assessment, transaction processing, and user experience throughout its platform.
"This partnership with Groq enables real-time AI inference at scale, strengthening our technological foundation." The Chief Business Officer of Paytm, Narendra Singh Yadav, stated, "It represents another step in our journey to build India's most advanced AI-driven payment and financial services platforms."
The Partnership intends to expand AI-powered personalization and engagement capabilities for businesses and customers while assisting Paytm in providing quick and dependable digital transactions.
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"Groq is pleased to assist Paytm in advancing real-time AI innovation on a nationwide level." Scott Albin, GM of APAC, Groq, stated, "Our goal is to provide broad compute capacity for solving large-scale challenges, and Paytm's goals closely align with our own."
