Paytm's founder and CEO Vijay Shekhar Sharma in the company's 24th annual general meeting (AGM) talked about the journey the company is set to embark on in the coming days, and what the company has achieved over the past few years.
"Today, what Paytm has achieved in India, especially in mobile payments is a topic of discussion everywhere. I am very proud of our team, who have built this and continue a commitment to build mobile payments in our country," said Sharma.
Vijay Shekhar Sharma talked about the impact of AI on the influence of payment systems in India and the plans and highlighted the impact of QR innovation in the country.
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"We, as a nation, have leapfrogged to become leaders in financial technology, and now we have the opportunity and obligation to extend that leadership into AI technology,” mentioned Sharma.
"Even our Honourable Prime Minister has highlighted how our QR Code and Soundbox innovations have played a key role in driving the financial revolution in the country," he added.
He also reiterated the fintech's intention to reapply for a payment aggregator licence to the Reserve Bank of India. Vijay Shekhar Sharma said, "We will apply for payment aggregator license to RBI in due course."
The fintech firm recently got the nod from the finance ministry to invest in its payment service business.
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One97 Communications, the parent entity of Paytm, was under the radar of India's banking regulator and financial crime-fighting agency after the central bank hammered its payments bank in January.
The central bank earlier in November 2022 rejected Paytm's Payment Aggregator licence and instructed the company to reapply with Press Note 3 complaint under the foreign direct investment norms.
As per Press Note 3, the government has reportedly made prior approvals necessary for investments from nations that share land borders with India.
Paytm president Madhur Deora said that the company has a robust balance sheet and the cash balance was Rs 8,500 crore as of FY24.
Paytm's shares stood at Rs 681.05 on NSE, higher by 2.2 per cent compared to the previous session's closing price.
The company reported that its consolidated loss for the first quarter of FY25 widened to two and a half times to Rs 839 crore from R 357 crore.
The company's operating revenue declined by 36 per cent to Rs 1,502 crore in the first quarter of FY25 as against Rs 2,342 crore in the year-ago period.
