$12 M to be invested by Paytm’s parent firm in GIFT City to create global financial ecosystem

In an effort to create a global financial ecosystem in Gandhinagar, India, One97 Communications Limited (OCL), the company behind the Paytm brand, announced on Wednesday that it will invest Rs 100 crore ($12 million) in Gujarat International Finance Tec-City (GIFT City).

In a joint statement, OCL and Paytm stated that OCL will make the investment gradually and will obtain the necessary approvals.

It claimed that Paytm will use its demonstrated capacity to innovate and create new technology for users worldwide wishing to invest in India, with GIFT city serving as the perfect innovation hub for cross-border activity.

The company, which led the way in India for real-time payments and settlements, will now use artificial intelligence (AI) to drive faster and more affordable solutions that lower friction in cross-border remittances.

Utilizing its position as a leader in technology innovation, Paytm will also establish a development center in GIFT City to construct the aforementioned solutions and offer a technological foundation.

In addition to housing engineers to develop a suite of top-notch financial products and services, this center will generate employment.

“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 AI-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,” said Vijay Shekhar Sharma, Founder and Chief Executive Officer of Paytm.

“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,” he added.

The leading provider of financial services and payments in India, Paytm invented mobile payments, soundboxes, and QR codes.

Paytm is an Indian startup that spearheaded the mobile QR payments revolution by developing technologies to facilitate payments and commerce for small businesses.