PhonePe cuts 60% of support staff as AI drives a 40-fold transaction surge

PhonePe, the fintech giant, has reduced its customer support staff by 60 per cent over the past five years, cutting its team from around 1,100 agents to just over 400, according to the company’s latest annual report filed on October 21. This move is part of the company’s strategic shift towards AI-powered solutions. During the same period, PhonePe recorded a staggering 40-fold increase in transactions, from FY19 to FY24.