On Wednesday, the company announced that the fintech firm One97 Communications, which owns the Paytm brand, will invest Rs. 100 crore in GIFT City (Gujarat International Finance Technology City) to create a global financial ecosystem.
Before moving forward, the company will obtain the required permission, and the investment will be made gradually. GIFT City is expected to become a worldwide financial center.
This investment in GIFT City plays an important role in creating an artificial intelligence-driven cross-border payment and remittance technology landscape, which empowers global opportunities.
Further, Vijay Shekhar Sharma, the founder and CEO of One97 Communications, stated that “this decision will enable us to deliver fast, cost-effective remittance solutions that are reliable and minimize friction on a worldwide scale.”.
To develop new technology for users globally, Paytm will leverage its demonstrated capacity to invest in India. Paytm also plans to establish a development center in GIFT City to offer a technology backbone and create the above solutions.
Further, Vijay Sharma said, “We plan to create a dedicated development center with this funding.” Also, this center will help to create more job opportunities and help house engineers build top-notch financial products and services.
In November 2022, Paytm claimed that it had been installed in around 10,000 Paytm gadgets, including QR codes, card machines, and sound boxes, in gram panchayats across the nation. The aim of this initiative is to extend digital payment to rural areas, which would extend Paytm’s market share in India.
On Tuesday, Bhupendra Patel, the Gujarat chief minister, said the GIFT city is going to become one of the top financial hubs across the globe.