Paytm Partners with Amadeus for Enhanced Travel Experience Powered by AI
Indian digital payment giant Paytm has announced a partnership with global travel technology company Amadeus to revolutionize the travel booking experience using Artificial Intelligence. The collaboration aims to seamlessly integrate Amadeus's extensive travel platform, optimizing the entire travel journey from search and booking to payment.
Over the next three years, Paytm will leverage Amadeus's advanced automation and New Distribution Capability (NDC) technologies to enhance user experience. This collaboration will position Paytm as a leading travel provider in India, offering a robust and consistent travel shopping ecosystem.
Advanced Features and Benefits
Paytm, known as a prominent online travel aggregator, will employ Amadeus APIs to deliver hyper-personalized recommendations and dynamic pricing to users. The integration will provide Paytm users with a comprehensive inventory of global flight options, streamlining the process of finding and booking the best deals within the Paytm app.
Through a single API, Paytm users will gain seamless access to diverse travel content, including Global Distribution Systems (GDS), Low-Cost Carriers (LCC), hotels, and more. This partnership also sets the stage for Paytm to offer a unified Passenger Name Record (PNR) solution in collaboration with Indian national carriers.
Paytm's integration with Amadeus APIs ensures a variety of payment options for travelers, including UPI, Paytm Wallet, and Postpaid. This flexibility, coupled with a secure payment gateway, caters to the diverse needs of users, making the payment process convenient and trustworthy.
Future Vision and Efficiencies
Vikash Jalan, Chief Business Officer at Paytm Travel, emphasizes that the collaboration aligns with their vision to enhance customer experiences by automating travel operations. The use of advanced technology is expected to bring increased efficiency and scalability to Paytm's travel services.
Ramona Bohwongprasert, Senior Vice-President for India Subcontinent & Southeast Asia, APAC Inside Sales & Startups at Amadeus, highlights consistent and reliable access to travel systems. The collaboration with Paytm aims to provide next-generation, industry-specific, and fully integrated solutions to meet the unique requirements of modern travelers.
Stock Performance & Paytm FY24
Paytm's stock closed at ₹904 on Thursday, marking a 1.64% drop. In the last month, it slipped by 4%, but over six months, it climbed 25%, and in the past year, it yielded a robust 67% return. However, since its listing in November 2021, the stock has declined by 42% from its peak.
Paytm, operated by One97 Communications, reported a turnaround in Q2 2023 by reducing a net loss of ₹290.5 crore, an improvement from the ₹571.1 crore loss reported in the same quarter last year.
Paytm's positive momentum continued with a 32% surge in revenue, reaching ₹2,519 crore in Q2, compared to ₹1,914 crore in the corresponding period last year. Operating profit also showed an improvement, standing at ₹153 crore for the quarter, signaling a positive shift from the previous year's loss.
Paytm, known for leasing devices that audibly verify online payments for merchants, reported a 28% surge in revenue in its core payments business. Additionally, the financial services revenue, encompassing its loans business increased 64%.
The collaboration between Paytm and Amadeus is set to revolutionize the online travel booking landscape, promising users a more streamlined, personalized, and secure experience. Recognizing the ongoing challenges in the travel industry, this partnership aims to tackle disruptions by offering innovative solutions, ultimately ensuring a seamless journey for users.
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