Paytm to allocate Rs 100 crore in GIFT City for AI-powered international money transfers
- ByStartupStory | January 10, 2024
One97 Communications Ltd (OCL), the parent company of Paytm, has announced a substantial investment of ₹100 crore in Gujarat International Finance Tec-City (GIFT City) to establish a global financial ecosystem. As part of this initiative, Paytm plans to offer AI-driven cross-border remittance services. This strategic move was unveiled just ahead of the Vibrant Gujarat Global Summit 2024 in Gandhinagar.
The investment, to be made over a period, is pending necessary approvals. Paytm envisions GIFT City as an ideal hub for innovation in cross-border activities, leveraging its capabilities to introduce cutting-edge technology for global investors eyeing opportunities in India. The company aims to enhance efficiency in cross-border remittances through faster and cost-effective AI-powered solutions.
In line with this, Paytm will establish a development center within GIFT City, dedicated to crafting innovative solutions and serving as a technological foundation. This center is expected to create job opportunities and house engineers focused on developing a diverse range of financial products and services.
Vijay Shekhar Sharma, founder and CEO of Paytm, emphasized the significance of this strategic 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.”
Notably, Paytm had 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 at providing seamless mobile payment services through Paytm’s QR code, Soundbox, and card machines.
As of the latest stock market data, shares of One97 Communications witnessed fluctuations, initially trading 1.01% higher at ₹691.9 apiece, and later experiencing a slight dip to 0.19% lower at ₹684.4 apiece.
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