New Delhi, May 22 (IANS): In order to achieve significant cost efficiencies through artificial intelligence (AI)-led capabilities, digital payments major Paytm is planning a “leaner organisation structure” and the “pruning of non-core businesses”, indicating there may be job redundancies at the company in the near future.
In key focus areas, as mentioned in the company’s stock regulatory filing, Paytm said that led by capabilities of AI and focusing on core business, “we are also working on significant cost efficiencies including leaner organisation structure”.
“Our ongoing experiments and learnings in AI promise to revolutionise customer and merchant care for the financial industry, while also unlocking new avenues for revenue generation and cost savings,” said the financial services provider.
Paytm said that it anticipates “tangible results from these initiatives in the coming quarters”, further bolstering our competitive advantage in the market.
One 97 Communications Ltd, the parent company of Paytm, clocked a net loss of Rs 550 crore in the January-March period of FY24, a 3.2 times jump compared to the same period in the last fiscal year.
Paytm’s revenue was down by 20 per cent compared to the previous quarter.
Its quarterly result took a beating after the Reserve Bank of India’s (RBI) ban on some of the services of Paytm Payments Bank (PPBL).
The company posted a 3 per cent decline in its revenue for the fourth quarter of FY24 to Rs 2,267 crore.