Phonepe reduces support team by 60% as AI operates 40 -fold transactions uprise

The fintech Company, Phonepe, has decreased it’s customer support over the past five years. The company’s support agents went to 400 from 1,100 support agents, thanks to its use of AI powered chat box as these chat box cutting down the need of human intervention , it handles over 90%of the customer’s issues. With this, the number of transactions on phonepe’s platform increased by 40 times, between FY19 and FY24.

Phonepe credits Artificial intelligence and process automation for making its operation more easily, helping and supported company to stay profitable even in the time of pandemics like COVID-19,and Zero Merchant Discount Law (MDR) which affected business environment. For improving customer’s satisfaction, Phonepe has ascribed its ability for profit by focusing on process automation and unit economies .

This shows in Phonepe’s Net Promoter Score (NPS) over the last five years.

In addition to cost reduction, 22,000 jobs have been created beyond India because of Phonepe’s innovations . Currently, more than 1500 India’s top engineers are working for the company , who are developing newest systems and cutting -edge solutions for supporting the company’s digital payment ecosystem.

Phonepe’s financial growth has also been notable . Last year ,the company showed revenue of Rs 2,914 crore and in August 2024,the company for the same ,reported, Rs 5,064 crore for financial year ending in march which is 74 percent increase from rs 2,914 to rs 5.064 crore. Excluding Employee Stock Ownership Plan (ESOP) costs, the company also achieved profitability with posting an adjusted net profit of rs 197 crore for FY24, marking an important turnaround from Rs 738 crore loss recorded in FY23.

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An economist (at Indeed Hiring Lab),Nick Bunker, stated that AI is impacting some certain jobs across sector but sometimes it also creates new opportunities .So, it won’t trigger mass unemployment.