- Paytm earmarked $12 million to establish an AI fintech hub in India’s GIFT City economic zone.
- The investment aims to build AI solutions for faster, cheaper cross-border payments over the next few years.
- Paytm joins rival Infibeam in betting on GIFT City as India’s nucleus for cutting-edge financial innovation.
Leading digital payments platform, Paytm announced this week its plans to inject 100 crore rupees ($12 million) into developing an artificial intelligence-focused fintech center in GIFT City, India. The proposed investment aims to reduce friction in cross-border transactions over the next few years.
Building up AI-powered payments
Paytm will set up a development hub in the special economic zone to build AI-powered solutions for faster, more affordable global money transfers. The company secured regulatory approval from the Reserve Bank of India to provide infrastructure enabling international trade payments.
“This strategic investment represents a pivotal step towards building an AI-driven cross-border remittance and payments landscape,” said Paytm CEO Vijay Shekhar Sharma.
Unlocking opportunities for consumers
The firm ultimately looks to unlock opportunities to deliver reliable, low-cost remittances at scale.
The announcement comes as Paytm rival Infibeam Avenues also revealed plans to pour 20 billion rupees into GIFT City this week.
AI-centric vision
Infibeam seeks to leverage the zone’s favorable policies around developing fintech and next-gen payment technology. With two major players sinking capital into the Gujarat hub, momentum seems high around the region, becoming India’s nucleus for cutting-edge financial services innovation.
Paytm and Infibeam are betting their AI-centric visions position them at the forefront of digitizing global commerce flows from the subcontinent.
