Paytm to Fund Rs 100 crore To focus on cross-border Payment Solutions By CIOTechOutlook Team

Paytm to Fund Rs 100 crore To focus on cross-border Payment Solutions

CIOTechOutlook Team | Wednesday, 10 January 2024, 11:01 IST

The parent company of Paytm, One 97 Communications Limited (OCL), has declared a Rs 100 crore investment in Gujarat International Finance Tec-City (GIFT City).

The company will make the investment over a period of time and will seek requisite approvals for the same, it informed the exchanges, as per economic times.

With GIFT city, Paytm aims to develop innovative technology for overseas users wishing to invest in India. The company expects to use the investment to reduce friction in cross-border payments, according to the announcement.

In October 2023, the Reserve Bank of India (RBI) released regulations governing firms that assist payment and settlement for cross-border export and import operations.

"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. This will enable us to deliver fast, reliable, and cost-effective remittance solutions, reducing friction, at a global scale,” said Vijay Shekhar Sharma, founder and chief executive of OCL.

Paytm will also establish a development centre in GIFT City to build cross-border solutions and serve as a technology backbone. The company stated that it will house engineers who will work on developing a range of financial goods and services.

Paytm is an Indian multinational financial technology firm headquartered in Noida, India. It specializes in digital payments and financial services. It was started in 2010 by Vijay Shekhar Sharma as One97 Communications. Consumers can use the company's mobile payment services, while merchants can accept payments via its QR code, Payment Soundbox, Android-based POS machine, and internet payment gateway solutions.