Paytm Eyes GIFT-IFSC Hub in Gandhinagar for Global Payment Development Centre

Paytm, the Indian digital payments giant, is contemplating establishing a global payment development centre at the Gujarat International Finance Tec-City’s (GIFT) International Financial Services Centre (IFSC) in Gandhinagar. Vijay Shekhar Sharma, Paytm’s founder, revealed the company’s investment and product plans during the Infinity Forum 2.0 event.

GIFT City, India’s first IFSC, is already home to 500 fintech entities, making it an attractive hub for Paytm’s global expansion. Sharma stated, “Whether considering an alternative to cross-border payment system operators or exporting India’s technology, GIFT City will undoubtedly be the center for our further scope of expansion.”

The proposed investment exceeds Rs 100 crore, and the formal announcement is expected at the Vibrant Gujarat Global Summit (VGGS) 2024 in January. Sharma emphasized GIFT City’s foundational focus on fintech opportunities, aligning with Paytm’s commitment to financial innovation.

As a panelist at the Infinity Forum, Sharma expressed enthusiasm for Gujarat’s thriving fintech ecosystem, citing the state’s special significance. Paytm aims to participate in GIFT City’s upcoming accelerator program and disclosed plans to concentrate on the B2B segment, leveraging the existing 15% business contribution from Gujarat.

“We are excited and look forward to focusing on the B2B segment and trade here,” Sharma concluded, emphasizing Paytm’s commitment to fostering financial technology in the region.