Paytm to invest Rs 100 cr in GIFT City to build global payments system
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The parent company of fintech major Paytm said on Wednesday it will over time invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to set up a development centre that will create an international payments system.
One97 Communications made the announcement ahead of the Vibrant Gujarat Global Summit 2024 in Gandhinagar. The Gurugram-based fintech plans to create an artificial intelligence (AI)-driven cross-border remittance and payments technology system.
“As the pioneer of real-time payments and settlements in India, the company will replicate its success to now reduce friction in cross-border remittances with faster and cost-effective solutions, driven by artificial intelligence,” said Paytm in a statement.
Paytm said that the development centre will build a cross-border payments service and create necessary technological provisions to support the same. This centre will create jobs and house engineers to develop a suite of financial products and services.
“The strategic investment in GIFT City represents a pivotal step towards building an artificial intelligence-driven cross-border remittance and payments technology landscape, presenting global opportunities. This will enable us to deliver fast, reliable, and cost-effective remittance solutions, reducing friction, at a global scale,” said Vijay Shekhar Sharma, founder and chief executive officer of Paytm.
“We are excited about GIFT City serving as an exemplary innovation hub for cross-border activities, enabling overseas investors the flexibility to maintain foreign currency accounts. Furthermore, we intend to leverage this investment to establish a dedicated development centre," he said.
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