Digital payment giant Paytm, which is owned by One97 Communications is now entering the forex space, for the exchange of 20 international currencies on its platform.
The service is being carried forward in partnership with Centrum Direct as stated by the company. Earlier, it had been rumored that Paytm is eyeing to foray into the foreign exchange and international remittance space and now finally it is happening.
According to the reports, Paytm will at first start with foreign exchange services. It may enter cross-border remittance services, both outward and inward.
“We have been witnessing an unprecedented growth for international travel bookings on our platform. We learned that our customers usually are in a need of a trusted and seamless forex service for themselves. We considered this as an important opportunity for us and are delighted to launch a convenient way of buying Forex Service on our platform. This is in line with our goal to be the most preferred destination for all travel needs,” said Abhishek Rajan, Vice President of Paytm.
After the introduction of this service, the consumers will be able to order the multi-party Paytm forex card or cash in foreign currency. They can get these either through doorstep delivery (within 48 hours) or at retail outlets of Paytm.
The company states the initially, the service is available only on the website but soon it will come over to the mobile application as well. Paytm enables the customers to lock-in the current rates at the time of placing an order by making a 2% partial payment with the flexibility to make the remaining payment at the time of delivery.
Apart from this, Paytm forex card will be usable at almost all merchant outlets and ATMs across the globe. The company allows the users to load a maximum amount of $250K in a financial year into the forex card and buy up to $3000 as currency notes.
“We are delighted to partner with a reputed player like Paytm. Currently, we serve over 1.5 Mn transactions annually and our alliance with Paytm will further strengthen our client base. Paytm users will be able to benefit from our competitive exchange rates, a wide range of currencies and a dedicated post-sales service team,” said T.C. Guruprasad, CEO & MD at Centrum Direct.
Paytm recently has been growing on a huge scale. The company showed high growth in terms of revenue and customer base in the recent times. And with its foray into the forex services with brokers similar to mt5 brokers, it is sure to grow and expand even more. This move is a great one to expand and go international.