By One97 Communications Limited (OCL), the parent company of Paytm, India’s prominent payments and financial services provider, has announced an investment of Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to develop a global financial ecosystem. This investment comes ahead of the Vibrant Gujarat Global Summit 2024 in Gandhinagar.
Investment Details
- Amount: Paytm plans to invest Rs 100 crore in GIFT City over a period of time, subject to requisite approvals.
- Purpose: With GIFT City positioned as an ideal innovation hub for cross-border activities, Paytm aims to leverage its expertise to innovate and develop new technologies for global users interested in investing in India.
Focus on AI-driven Cross-Border Remittance
- Objective: Building on its success in real-time payments and settlements in India, Paytm seeks to streamline cross-border remittances by offering faster and cost-effective solutions driven by Artificial Intelligence (AI).
- Development Center: Paytm will establish a development center in GIFT City to build innovative solutions and provide technological support for cross-border remittances. This initiative is expected to create job opportunities and house engineers dedicated to developing world-class financial products and services.
Vision of Vijay Shekhar Sharma
Vijay Shekhar Sharma, founder and CEO of Paytm, highlighted the significance of GIFT City as a global financial hub and described the strategic investment as a pivotal step towards building an Artificial Intelligence-driven cross-border remittance and payments technology landscape. He envisions the investment enabling Paytm to deliver fast, reliable, and cost-effective remittance solutions at a global scale, thereby reducing friction in cross-border transactions.
Future Prospects
- Innovation Hub: GIFT City is poised to become an exemplary innovation hub for cross-border activities, providing overseas investors with the flexibility to maintain foreign currency accounts.
- Dedicated Development Center: Paytm intends to utilize its investment in GIFT City to establish a dedicated development center, further enhancing its capabilities in offering cutting-edge financial solutions.
Conclusion
Through its investment in GIFT City, Paytm aims to strengthen its position as a leader in the global fintech landscape while facilitating seamless cross-border transactions and fostering innovation in financial technology.
