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Paytm to invest over ₹100 crore in global payment center at GIFT City

EditorHari Govind
Published 09-12-2023, 06:20 pm
© Reuters.

GANDHINAGAR - Paytm (NS:PAYT)'s CEO Vijay Shekhar Sharma announced a significant investment of over ₹100 crore to establish a global payment development center at Gujarat International Finance Tec-City (GIFT City). The announcement was made today at the "Infinity Forum 2.0", marking a strategic move to bolster the company's international payment services.

The initiative, backed by the International Financial Services Authority, is set to expand Paytm's financial services reach on a global scale. Sharma highlighted that this investment aligns with the company’s vision to enhance its offerings and tap into the growing fintech sector. The formal investment pledge is expected to be unveiled at the upcoming "Vibrant Gujarat 2024" event, scheduled from January 10-12, 2024.

The establishment of the development center in GIFT City is poised to leverage the city’s infrastructure and business-friendly policies, aiming to create a robust ecosystem for financial technology innovations. This move underscores Paytm's commitment to contributing to India's stature as a key player in the global financial services landscape.

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