Paytm Layoffs: There has been news about the fintech firm Paytm, stating that the company has once again chosen to fire its staff. Simultaneously, indications of how artificial intelligence would affect employment have begun to appear. In this round of layoffs, Paytm reportedly let go of almost 10% of its whole workforce.
This time, One97 Communications, the parent firm of Paytm, reportedly let go of over 1000 employees, according to an ET report. According to the ET news, which cited two relevant sources, these layoffs occurred within the last few months, affecting workers from different Paytm divisions.
Paytm reportedly carried out this layoff to lower expenses and restructure its many companies.
Paytm’s decision to discontinue its “Buy Now Pay Later” service and exit the small loan market is thought to be the reason for this layoff. The Reserve Bank of India (RBI) recently released new guidelines aimed at curbing the nation’s rising amount of unsecured loans. Following this, banks’ ‘Buy Now Pay Later’ service—which is utilized for credit card issuance, personal loan distribution, and the purchase of the majority of electronics—has been impacted.