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Paytm Enters Forex Services

A major Indian company is entering in the Forex field – One97 communications limited, this company owns Paytm. On Wednesday 11 July 2018 announced the launch of its Forex service, for money exchange of 20 top international currencies on its platform.

In the launch conference, the company said multi-currency Forex card and Forex cash can be ordered in real time basis and the card will be delivered to you within 48 hours.

Any user can collet their cash and card from any nearest partner seller outlets across India. This Service is live on the Paytm Website and will soon be available for Android and iOS apps.

User can book their order at the real-time bases by making only two percent partial payment, with the flexibility to make the remaining payment at the time of delivery. Initially the customers will not pay any commission, service charge or hidden charges on their purchases.

The company said “The Forex card balance can be checked online and, in most ATMs, abroad. It can be used at almost all merchant outlets and ATMs across the world. Customers can load up to $250,000 in a financial year into the Forex card and buy up to $3,000 as currency notes.”

On the reasons for adopting this strategy, Abhishek Rajan, Vice President – Paytm, said.
“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 on our platform. This is in line with our goal to be the most preferred destination for all travel needs.”

Paytm has partnered with CentrumDirect acquired by Ebix, for this offering.

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