In order to provide Gift City with AI-powered cross-border remittances, Paytm is investing Rs 100 crore

In order to provide Gift City with AI-powered cross-border remittances, Paytm is investing Rs 100 crore

In order to provide Gift City with AI-powered cross-border remittances, Paytm is investing Rs 100 crore

Additionally, Paytm intends to open an innovation center to provide consumers worldwide with state-of-the-art technological solutions.

In addition to creating jobs, Paytm plans to establish a development center in GIFT City where specialized engineers will work to create a range of premium financial services and products.

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

In a statement made ahead of the three-day Vibrant Gujarat Global Summit in Gandhinagar, the business said that its goal is to simplify cross-border remittances by providing quick and affordable artificial intelligence (AI) solutions.

"The strategic investment in GIFT City represents a significant step towards building a computerized intelligence-powered cross-border remittance as well as payments technology landscape, offering global opportunities," declared Paytm's founder and CEO, Vijay Shekhar Sharma.

According to him, it will lessen global friction and make remittance solutions quick, dependable, and affordable possible.

We are thrilled that GIFT City, which gives international investors the freedom to have foreign currency accounts, will operate as a model innovation center for cross-border operations. We also want to use this funding to leverage the establishment of a development center.

According to the corporation, the development center would employ people and house committed engineers who will work on producing a range of superior financial services and products.