Paytm to invest $12m in GIFT City for AI-driven cross-border payments
By Delisha Fernandes
Paytm, a payments and financial services company owned by One97 Communications Limited (OCL), has announced an investment of ₹100 crore ($12million) in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem, ahead of the Vibrant Gujarat Global Summit 2024, in Gandhinagar.
With GIFT City as an ideal innovation hub for cross-border activity, Paytm will use its proven capability to innovate and build new tech for users across the globe looking to invest in India. 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.
Leveraging its leadership as a tech innovator, Paytm will also set up a development centre in
GIFT City to build the above solutions and provide a technology backbone. This centre will create jobs and house engineers to develop a suite of financial products and services.
Vijay Shekhar Sharma, founder and CEO, said, “GIFT City is set to become a global financial hub, further putting India on the world map for innovation. 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.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 center.”
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