Paytm to invest Rs 100 cr in GIFT City to build global payments system

The parent company of fintech major Paytm said on Wednesday it will over time invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to set up a development centre that will create an international payments system.

One97 Communications made the announcement ahead of the Vibrant Gujarat Global Summit 2024 in Gandhinagar. The Gurugram-based fintech plans to create an artificial intelligence (AI)-driven cross-border remittance and payments technology system.

“As the pioneer of real-time payments and settlements in India, the company will replicate its success to now reduce friction in cross-border remittances with faster and cost-effective solutions, driven by artificial intelligence,” said Paytm in a statement.