Digital financial services firm One97 Communications, which owns the Paytm brand, on Friday, announced the launch of its new technology platform built on 100 per cent indigenously developed technology.

The company said the new platform can handle 10 times more payment traffic compared to its older platform.

"Today by making sure that every component of our technology is made in-house, we have proved that India can build world-class technology software of scale. We have built a new operational risk system and fraud management from the ground up, catering to India's payments growth.

"This platform will be able to scale to the next up to 10x payments in India. We are here to serve India with a technology made in India," Paytm founder and CEO Vijay Shekhar Sharma said in a statement.