Paytm Implements AI, Cuts Staff, and Plans to Hire 15,000 Salespeople, India

Paytm, the Indian fintech firm, has reportedly laid off over 100 employees following the implementation of Artificial Intelligence (AI) to automate its processes and cut costs. The parent company, One97 Communication, made the decision in an effort to reduce employee costs by at least 10%. The introduction of AI technology is expected to improve operational efficiency and eliminate repetitive tasks within Paytm’s core payment business. While the move has resulted in job losses, Paytm also plans to hire more than 15,000 contract salespeople to expand its merchant base. The company’s founder and CEO, Vijay Shekhar Sharma, is encouraging his technology teams to leverage AI tools provided by Microsoft and Google. Despite these efforts, Paytm has faced challenges, including a decline in stock price and skepticism from investors. However, the company remains focused on innovation and growth, with plans to explore new business ventures such as insurance and wealth management. Paytm hopes these initiatives will ultimately drive profitability and strengthen its position in the market.