 "Paytm to invest Rs 100 cr in GIFT City to build global payments system")
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.