Paytm plans ₹100 crore investment in GIFT City for AI-driven cross-border remittance
10 Jan 2024
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Paytm, the leading payments and financial services company owned by One97 Communications Limited (OCL) is set to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to foster a global financial ecosystem. The announcement was made on Wednesday, 10 January 2024, just ahead of the ‘Vibrant Gujarat Global Summit 2024’.
The investment, to be made over a period of time pending requisite approvals, underscores Paytm’s commitment to leveraging GIFT City as an innovative hub for cross-border activities. The company, renowned for pioneering real-time payments and settlements in India, aims to replicate its success by introducing faster and more cost-effective solutions for cross-border remittances, all powered by artificial intelligence.
In addition to addressing cross-border challenges, Paytm plans to establish a development center within GIFT City. This center will serve as the epicenter for building cutting-edge solutions and providing a robust technology backbone. The initiative is expected to generate employment opportunities and house a team of skilled engineers dedicated to creating a suite of world-class financial products and services.
Vijay Shekhar Sharma, Founder and CEO of Paytm, expressed enthusiasm about GIFT City becoming a global financial hub, propelling India’s position on the world stage of innovation. He emphasized that strategic investment in cross-border remittance and payment technology is opening doors to global opportunities.
Sharma mentioned that the development would allow them to provide speedy, dependable, and cost-effective remittance solutions, thereby minimizing friction on a global scale. He expressed enthusiasm about GIFT City playing the role of an exemplary innovation hub for cross-border activities, granting overseas investors the flexibility to maintain foreign currency accounts. Moreover, Paytm intends to capitalize on this investment to create a dedicated development center, added Sharma.
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