Groq LPU powers Paytm: Next-Gen AI for faster & smarter Digital Payments
Paytm has partnered with American AI company Groq to revolutionize digital payments. Leveraging Groq's cutting-edge LPU technology, this collaboration aims to deliver lightning-fast, intelligent, and efficient transactions. It will significantly enhance Paytm's AI capabilities for faster processing, improved reliability, risk modeling, and fraud prevention, making payments more intuitive for millions of users and merchants.
New Delhi: Paytm has taken a big step in the world of digital payments. The company has joined hands with American AI company 'Groq' (Grok) to make its services even faster and more intelligent. This partnership will have a direct impact on the digital experience that millions of users and merchants receive, which is expected to be more intuitive and efficient than ever before.
Paytm will use Groq's' Grokcloud 'service under this partnership. Its real strength is a special technology called 'Language Processing Unit' (LPU). This is a special architecture that has been designed only to operate Artificial Intelligence (AI) at lightning speed.
Compared to traditional GPU-based systems, this technology from Groke promises many times faster performance at a much lower cost. This integration will help Paytm scale up and strengthen its AI-powered operations.
Paytm transactions will be faster
On this occasion, Chief Business Officer of Paytm, Narendra Singh Yadav said, "We are constantly enhancing our AI capabilities to make payments faster, more reliable and intelligible.” He clarified that this alliance with Grook will strengthen their technical foundation by providing 'real-time AI inference' (ability to make decisions at the same time). This is another important step towards building India's most advanced AI-powered payment and financial services platform.
Scott Albin, general manager of APAC at Groq, said, "Groke is proud to support Paytm in promoting real-time AI innovation at the national level.” He emphasized that his mission is to make AI useful and accessible to solve the world's biggest problems.
Groq came into existence in 2016. The firm has become a big brand in the American AI infrastructure ecosystem and it provides its services to Fortune 500 companies worldwide. Paytm uses AI in areas like risk modeling, fraud prevention and customer onboarding. However, with Groq services, the fintech will be able to push these initiatives more quickly, creating a robust infrastructure for data-driven financial services development.