By Pratik Gupta
Indian fintech startups, like PhonePe, leverage artificial intelligence (AI) to enhance operational efficiency and productivity.
PhonePe utilizes machine learning (ML) models for risk and fraud detection, processing millions of transactions daily.
While focusing on ML, PhonePe's CTO Rahul Chari expresses optimism about the potential of generative AI (GenAI) to boost productivity.
Despite a tough funding season, PhonePe, backed by Walmart, secures nearly $1 billion in 2023, enabling expansion and innovation.
The company witnesses a remarkable 77% surge in revenue during FY23, driven by successful product launches and ventures.
PhonePe expands its offerings with separate apps for online shopping, investment, and an app store, alongside services like rent payments and insurance distribution.
PhonePe extends its reach internationally, enabling digital payments in the UAE using UPI, marking a significant milestone in its expansion strategy.