AI is here for your jobs: Paytm lays off 1,000 workers amid automation push

Paytm, the fintech major, has let go of 1,000 employees from its sales, operations, and engineering teams even as the company implemented AI technology to boost efficiency.

In 2021, the company had let go of 500 to 700 workers for non-performance.

Speaking to Moneycontrol, a Paytm spokesperson said “We are transforming our operations with AI-powered automation to drive efficiency, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce in operations and marketing. We will be able to save 10-15 per cent in employee costs as AI has delivered more than we expected it to. Additionally, we constantly evaluate cases of non-performance throughout the year.”