Paytm Fires 1,000 Employees; AI-Powered Automation To Blame?

Mumbai: The debate on whether artificial intelligence (AI) is a blessing or curse for human beings is ongoing.

Well, there will be no doubts in the minds of around 1,000 Paytm employees who have recently been fired across departments.

The decision to lay off so many staff over the past three months by Paytm’s parent company One 97 Communications is aimed to cut costs across the firm, reported The Economic Times.

A Paytm spokesperson said that the company is aiming to transform its operations by incorporating artificial intelligence (AI) and eliminating ‘repetitive tasks and roles’.

“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,” IndiaToday.in quoted the spokesperson as saying.

The spokesperson further pointed out that AI has delivered more than the company expected.

“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,” he revealed.

Even as One 97 Communications is cutting out repetitive roles and non-performers, the company will hire fresh talent to drive growth across new business segments.