One97 Communications, Paytm’s parent, plans to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem.

The company said in a press statement that this investment will be made over a “period of time’’ and it will seek requisite approvals.

“GIFT City is set to become a global financial hub, further putting India on the world map for innovation. 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,” One97 Communications founder and CEO Vijay Shekhar Sharma said.

According to Paytm, with GIFT city emerging as an ideal innovation hub for cross-border activity, the company will use its proven capability to innovate and build new tech for users across the globe looking to invest in India. Paytm also plans to set up a development centre in GIFT City to build various solutions and provide a technology backbone.

“Furthermore, we intend to leverage this investment to establish a dedicated development centre,” Sharma said.

The centre will create jobs and house engineers to develop a suite of world-class financial products and services, Paytm disclosed.

Recently, One97 Communications had disclosed that close to 912 crore merchant transactions were made using Paytm in the second quarter of this fiscal.

The company has been focussing on strengthening its leadership in in-store payments, with more than 92 lakh Paytm pioneered devices such as Soundbox, Card Machines in the quarter.