Paytm Pumps Rs 100 Crore into GIFT City, Ushering in Era of AI-Driven Global Money Transfers

10 Jan 2024 , 01:39 PM

The parent company of payments giant Paytm, One97 Communications Limited (OCL), said on January 10 that it would be investing Rs 100 crore in Gujarat’s GIFT City in order to create a worldwide financial ecosystem. The company is situated in Noida.

In an announcement made ahead of the three-day Vibrant Gujarat Global Summit in Gandhinagar, the business stated that it also wants to expedite cross-border remittances by providing quicker and more affordable solutions powered by artificial intelligence (AI).

According to Paytm founder and CEO Vijay Shekhar Sharma, ‘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.’

According to him, it would make global remittance solutions more rapid, dependable, and affordable while also lowering friction.

We are thrilled that GIFT City is acting as a model innovation hub for international business, giving foreign investors the freedom to have foreign exchange accounts. Additionally, we plan to use this investment to leverage the establishment of a development centre.’

Owing to the company, the development hub would generate employment opportunities and house engineers committed to creating a range of superior financial products and services.

For feedback and suggestions, write to us at [e-mail]