Paytm posts narrower loss as payments business grows

Paytm’s net loss for the latest quarter decreased to 2.2 billion rupees ($26.5 million), beating analysts’ estimated loss of 2.55 billion rupees. The fintech company achieved operating profitability last year and plans to use artificial intelligence to further reduce expenses. Paytm also disbursed 4.9 billion rupees in high-value loans and saw growth in its devices business. Paytm, based on the outskirts of New Delhi, competes with financial services offered by Amazon.com Inc, Google and Walmart Inc.