According to Vijay Shekhar Sharma, founder of Paytm, AI says that AI will become faster and faster, rather than becoming part of everyday business processes, so the impact of AI on work is “inevitable.” “Sometimes or later we have to start using AI as an employee or as a CFO,” Sharma said at an AI-centric event in New Delhi.He said that AI will ultimately perform most of the tasks currently being done by humans, underscoring the need to build a core product instead. According to an ET report, Sharma outlined the company's broader vision to go beyond Fintech's roots and become an AI-first company.AI automates several human functions, but Sharma said it will also play a new role in the workforce.The statement comes as Paytm's parent One97 News is undergoing job slashes. ET reported last month that the company had fired an unspecified number of employees. In the March quarter 2024, the sales team's general manager fell approximately 3,500, bringing the total to 36,521. This decline was primarily linked to Reserve Bank of India's restrictions on the PAYTM Payments Bank business.In the March quarter, Paytm posted a consolidated net loss of Rs 540, compared to 550 crores in the same period last year.In June, PAYTM came third in the UPI rankings with 1.27 billion transactions worth Rs 1.34 crore. Phonepe has maintained its lead with 8.55 billion transactions of Rs 11.99 lakh.As part of the AI initiative, Sharma has announced a new passing feature that uses Paytm data to generate rap songs that summarise monthly expenses. Although the release date has not been shared, Sharma said it will be available to users soon.Paytm previously partnered with the confusion of American AI startups to introduce AI-powered search capabilities to its apps.
