Paytm turns to AI for growth and cost management objectives: Read company’s statement

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Artificial intelligence (AI) steadily permeates our daily lives with its use cases in various sectors such as healthcare and customer service. Paytm is also jumping on the AI bandwagon by incorporating the technology to enhance its operational efficiency as it aims to position itself alongside major global tech giants.

The fintech company is integrating AI into its operations to streamline processes and improve performance across the board.

“We are leveraging AI to improve our efficiency, much like other leading tech companies,” news agency ANI quoted a Paytm spokesperson as saying.

“This involves transforming our operations with AI-powered automation to drive efficiency. Adapting specific roles and tasks is essential to align with our growth and cost management objectives more effectively,” the spokesperson further added.

Job cuts at Paytm Payments Bank
A shift to prioritise AI-led operations have reportedly forced several tech giants to layoff employees. Earlier this week, a report suggested that Paytm Payments Bank is set to reduce its workforce by about 20% as it faces uncertainties around its future operations.

According to a report by news agency Reuters, Paytm Payments Bank initiated staff layoffs across various divisions, including operations. Paytm owns 49% of the bank.

An employee from the unit told the publication that due to the timing of the regulatory order during the appraisal season, those with low ratings are being let go.

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On these job cuts reports, a spokesperson said that in addition to its focus on AI, Paytm is currently conducting its annual appraisal cycle.

“We are in the midst of our annual appraisal cycle, a common practice across companies, where performance assessments may lead to some performance or role fit-related changes,” the spokesperson continued.

“This process is distinct from layoffs and is a regular aspect of performance evaluations in any organisation. The information based on external sources mentioned in your queries does not accurately reflect our operations. Above all, ensuring the well-being and support of our employees is our top priority,” the spokesperson noted.

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