Paytm To Invest Rs 100 Crore In GIFT City

Paytm's parent, One97 Communications Ltd., will invest Rs 100 crore in Gujarat's GIFT City.

The payments company will set up an artificial intelligence-driven cross-border remittance and payments technology system in the business district, according to an exchange filing on Wednesday.

Paytm will also set up a development centre in GIFT City to build these solutions and provide a technology backbone, the company said ahead of the Vibrant Gujarat Global Summit in the state capital, Gandhinagar.

This centre will create jobs and house engineers to develop a suite of world-class financial products and services, Paytm said. The investment will happen over a period of time.

"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 Paytm Founder Vijay Shekhar Sharma.

The investment will enable Paytm to deliver fast, reliable, and cost-effective remittance solutions, reducing friction on a global scale, Sharma said.