‘Sooner or later…’: Paytm founder sees impact of AI on jobs as ‘inevitable’; says artificial intelligence will also create new roles

The impact of artificial intelligence (AI) on jobs is “inevitable”, according to Paytm founder Vijay Shekhar Sharma, who said AI will become part of routine business processes sooner rather than later. “Sooner or later we will have to start using AI as an employee or even as a CFO,” Sharma said at an AI-focused event in New Delhi.He said AI will eventually perform most tasks currently done by humans, and stressed the need to build core products instead. Sharma also outlined a broader vision for the company — to move beyond its fintech roots and become an AI-first firm, according to an ET report.Although AI will automate several human functions, Sharma said it will also create fresh roles in the workforce.The remarks come at a time when Paytm’s parent, One97 Communications, is undergoing job cuts. ET reported last month that the company had laid off an unspecified number of employees. The overall sales team headcount dropped by about 3,500 in the March 2024 quarter, taking the total to 36,521. This decline was largely linked to the Reserve Bank of India’s restrictions on Paytm Payments Bank operations.In the March quarter, Paytm posted a consolidated net loss of Rs 540 crore, compared with Rs 550 crore in the year-ago period.In June, Paytm stood third in the UPI rankings with 1.27 billion transactions worth Rs 1.34 lakh crore — accounting for 6.9% of total volume and 5.6% of value. PhonePe remained in the lead with 8.55 billion transactions valued at Rs 11.99 lakh crore.As part of its AI initiatives, Sharma announced a new passbook feature that would use Paytm’s data to generate a rap song summarising monthly expenses. Though no launch date has been shared, Sharma said it would be made available to users soon.Paytm had earlier partnered with US-based AI startup Perplexity to introduce AI-powered search capabilities in its app.