Paytm Lays Off About 1,000 Staff Seeking Operational Efficiency Amid AI Push
As Paytm embraces Artificial Intelligence the company announces significant layoffs amidst a major operational overhaul aimed at cost reduction and improved efficiency
Paytm, the financial technology giant under One97 Communication, will lay off “more than 1,000” jobs amid a major transformation, media reports say. The company's recent induction of Artificial Intelligence (AI) in its operations has reportedly led to hundreds of layoffs across various verticals, according to some market experts. This move is part of a broader strategy to automate processes and cut costs. Amidst these changes, Paytm's Founder and CEO, Vijay Shekhar Sharma, has outlined an ambitious to-do list for 2024, signaling a new direction for the company.
AI at the Forefront of Paytm's Future
At the heart of Paytm's restructuring is the adoption of AI, which promises to streamline operations, reduce costs, and eliminate repetitive tasks. The company is leveraging AI tools from tech giants like Microsoft and Google, utilizing its 10,000-strong workforce in technology, product, and engineering. This shift is not just a cost-cutting measure but a strategic realignment to enhance product development timelines and improve the core business of payment processing.
