Fintech company Paytm has announced a tie-up with AI startup Perplexity. Now users will get AI integrated search option on Paytm app. Through this feature, users will be able to access real time information and financial insights in their local language.
On Thursday (February 27), the company has given this information in the exchange filing. The company says that this feature will increase the financial literacy of the users. Users will be able to easily get information related to banking, investment, expenses. This will help them in taking decisions related to finance.
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Vijay Shekhar said- AI is changing the way people take decisions
At the same time, Perplexity CEO Arvind Srinivas said that this technology will help in giving reliable information to people in real-time.
IIT graduate created Perplexity in 2022
Perplexity is a US-based AI search engine startup company. Arvind Srinivas, a graduate from IIT Madras, created Perplexity in 2022. Arvind Srinivas has also worked as an AI researcher at Open AI. Google Search’s competitor Perplexity recently raised $500 million in funding. Earlier, the company has also done a similar tie-up with TripAdvisor.
Paytm suffers loss of ₹208 crore in FY25Q3
Paytm’s parent company One 97 Communications had a net loss of Rs 208 crore in the third quarter (October-December) of FY 2024-25. Paytm’s loss in the same quarter a year ago was Rs 220 crore.
The company’s revenue fell 36% to Rs 1,828 crore in the October-December quarter. It was Rs 2,850 crore in the same quarter a year ago i.e. Q3FY24.
Paytm’s market share fell due to RBI’s ban
In early 2024, RBI banned Paytm Payments Bank from adding new UPI users on the Paytm app. This ban was imposed for not following the rules. Paytm’s UPI service was powered by Paytm Payments Bank and after RBI’s action, the company had to partner with other banks to continue UPI service.
Paytm got approval to add new UPI users: RBI had imposed a ban on the company in January this year, stock up 7%
Paytm has been approved by NPCI to add new UPI users. Paytm’s parent company One 97 Communications Limited gave this information on 22 October. After the approval to add UPI users, Paytm’s stock rose by about 7% today. It closed at Rs 738. Yesterday it closed down by 5%.
