The Inevitable Rise of AI in the Workplace

According to Vijay Shekhar Sharma, founder of Paytm, the integration of artificial intelligence (AI) into routine business processes is not a matter of if, but when. "Sooner or later we will have to start using AI as an employee or even as a CFO," Sharma stated at a recent AI-focused event in New Delhi.

Shifting Focus to Core Products

Sharma emphasized that while AI will automate many tasks currently performed by humans, it also presents an opportunity to focus on building core products. He envisions Paytm evolving beyond its fintech origins to become an AI-first company.

The Dual Edge of AI: Job Automation and Creation

Despite the potential for job displacement, Sharma highlighted that AI will also generate new roles within the workforce. This perspective comes as Paytm's parent company, One97 Communications, undergoes restructuring, including job cuts attributed to regulatory challenges.

Paytm's AI Initiatives and Market Position

In the face of these changes, Paytm continues to innovate, ranking third in UPI transactions and announcing new AI features like a rap song summarising monthly expenses. The company has also partnered with Perplexity, a US-based AI startup, to enhance its app's search capabilities.