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Vijay Shekhar Sharma's comments on artificial intelligence (AI) affecting human jobs come days after Paytm laid off more than 1,000 employees following the implementation of AI technology to improve efficiency.
While the company retains its strength in the payments sector, it still lacks a coherent business strategy and is yet to show market watchers which business it plans to build over time to deliver consistent profits.
Paytm's parent company One97 Communication has laid off 100s of employees across verticals including sales and engineering, due to the firm's implementation of Artificial Intelligence (AI) to bring automation in its process and ensure cost-cutting.
Paytm CEO Vijay Shekhar Sharma said that 'AI has actually delivered more than what we expected it to,' and that the company would be able to save the 'targeted 10 percent to 15 percent that we had planned in employee costs'.
Paytm founder and CEO Vijay Shekhar Sharma promised that the company will be at the forefront of the AI revolution