Paytm’s e-commerce platform Paytm Mall has entered into a partnership with Ernst and Young before its touted global release, Paytm Mall said in a statement. With this, the company looks to build a fraud prevention system for its customers and partners alike. The 2016 founded company “will undertake frequent audits to identify, analyse and monitor various in-built and outsourced processes to recommend global practices,” which will be deployed in building “Technology-driven Fraud Prevention System”. The system will help identify fraud merchants which Paytm Mall will then weed out. EY uses human and Artificial Intelligence (AI) to undertake audit and fraud prevention, Paytm Mall said.
Paytm Mall’s Senior Vice President Srinivas Mothey reiterated the company’s commitment towards building a trusted e-commerce platform. “Our teams continue to work closely with EY to share our learnings and insights,” he added.
The company has witnessed over 200% growth in the last 6 months. Recently, it got into a partnership with French car-maker Renault to make car-bookings available online. The customers of Paytm Mall can book three Renault cars under the partnership. By submitting token money of Rs 10,000, customers can confirm the booking. Srinivas Mothey had earlier said that the move will enable customers throughout the country to research, compare and even book their favourite car from the comfort of their home or office 24×7.
Paytm Mall had recently launched an automated payment service for its merchants. The feature allows automatic collection of payments for subscription services availed by the consumers. According to Paytm Mall, it had processed 400 million monthly transactions through its payment gateway.
Paytm Mall is reportedly in discussions with investors to raise $500 million, Financial Express had earlier reported citing sources. With this, the e-commerce platform looks to build Paytm Mall’s O2O (online-to-offline) strategy, which will help the company in overtaking e-commerce giants Amazon and Flipkart.
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