Paytm Implements AI Automation, Resulting in Significant Workforce Reduction

In a startling move reported on Sunday, One97Communications Ltd, the parent company of the digital payment app Paytm, has initiated a significant workforce reduction, resulting in the termination of thousands of employees. The sudden decision comes as the company embraces the use of Artificial Intelligence (AI) technology for various tasks.

Paytm is actively exploring new avenues to integrate AI technology into its operations, with the belief that AI-powered automation can enhance efficiency in various tasks. The company sees the adoption of AI as a means to reduce the workforce and deploy automation to fill the void, leading to substantial cost savings. The move is expected to result in a 10-15% reduction in employee costs.

This isn’t the first instance of Paytm implementing such workforce adjustments. In 2021, the company had let go of 500 to 700 employees based on performance evaluations. Despite the recent layoffs, Paytm reportedly has plans to increase its workforce to 15,000 in the coming years.

Paytm’s transparent approach indicates that the company aims to streamline its workforce further by identifying non-performers engaged in routine tasks that can be efficiently handled by AI technology. As the company embraces automation, it is poised to reshape its operational landscape and adapt to the evolving technological landscape in the digital payment sector.

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