Paytm to Invest Rs 100 Cr in GIFT City for AI-Driven Global Transfer

By siliconindia  |  Thursday, 11 January 2024, 10:53 IST

Paytm to Invest Rs 100 Cr in GIFT City for AI-Driven Global Transfer
Paytm's parent company, One97 Communications Ltd (OCL), is set to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem. This investment aims to facilitate the establishment of AI-powered cross-border remittance services by Paytm. The strategic announcement was made in anticipation of the Vibrant Gujarat Global Summit 2024 in Gandhinagar.
The planned investment, subject to necessary approvals, will be phased over time. Paytm envisions GIFT City as an innovation hub for cross-border activities, aiming to introduce state-of-the-art technology for global investors seeking opportunities in India. The company's goal is to improve the efficiency of cross-border remittances through swift and cost-effective AI-powered solutions.
In alignment with this strategy, Paytm will establish a dedicated development center within GIFT City, focusing on creating innovative solutions and serving as a technological cornerstone. This center is anticipated to generate employment opportunities, housing engineers dedicated to developing a diverse array of financial products and services. Vijay Shekhar Sharma, founder and CEO of Paytm, emphasized the strategic significance of this investment, stating, "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".
It's worth noting that Paytm recently entered into a Memorandum of Understanding (MoU) with Ayodhya Nagar Nigam to facilitate mobile payments during the inauguration of the Ram Mandir. This initiative aimed to offer seamless mobile payment services through Paytm’s QR code, Soundbox, and card machines. As per the latest stock market data, shares of One97 Communications experienced fluctuations, initially trading 1.01% higher at Rs 691.9 apiece and later dipping slightly to 0.19% lower at Rs 684.4 apiece.

CURRENT ISSUE

BEST STARTUPS TO WORK FOR

siliconindia