Paytm's parent, One97 Communications Ltd., will invest Rs 100 crore in Gujarat's GIFT City.
The payments company will set up an artificial intelligence-driven cross-border remittance and payments technology system in the business district, according to an exchange filing on Wednesday.
Paytm will also set up a development centre in GIFT City to build these solutions and provide a technology backbone, the company said ahead of the Vibrant Gujarat Global Summit in the state capital, Gandhinagar.
This centre will create jobs and house engineers to develop a suite of world-class financial products and services, Paytm said. The investment will happen over a period of time.
"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," said Paytm Founder Vijay Shekhar Sharma.
The investment will enable Paytm to deliver fast, reliable, and cost-effective remittance solutions, reducing friction on a global scale, Sharma said.
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