Paytm to invest Rs 100 cr in GIFT City for AI-driven cross border remittance

One97 Communications Limited (OCL), which owns India’s leading payments and financial services company Paytm, announced a Rs 100 crore investment in Gujarat International Finance Tec-City (GIFT City) on Wednesday to build a global financial ecosystem in advance of the ‘Vibrant Gujarat Global Summit 2024’.

The corporation will make the investment over time and will obtain the necessary permits. Paytm will use its proven expertise to innovate and build new solutions for people around the world wishing to invest in India, with GIFT city serving as a perfect innovation hub for cross-border business.

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As the pioneer of real-time payments and settlements in India, the business stated that it will recreate its success to now decrease friction in cross-border remittances with faster and more cost-effective solutions powered by AI.

Paytm will also establish a development center in GIFT City to implement the aforementioned solutions and provide a technological backbone, leveraging its position as a tech pioneer. This center will employ people and house engineers who will work on developing a portfolio of world-class financial goods and services.

“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,” said Vijay Shekhar Sharma, Founder and CEO, Paytm.

“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,” he added. Furthermore, Paytm intends to leverage this investment to establish a dedicated development centre, said Sharma.