Digital payments company Paytm has now ventured into forex services for top 20 international currencies.
Earlier in April 2018, Inc42 reported that Paytm is looking to venture into foreign exchange and cross-border remittance space.
The report further stated that Paytm will initially start with foreign exchange services, it may enter cross-border remittance services, both outward and inward, as well in near term, as per the media report.
In this space, Paytm will compete majorly with PayPal. Also, Singapore based InstaRem recently launched its cross-border outward remittance services in India in partnership with the DCB bank.
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 Service on our platform. This is in line with our goal to be the most preferred destination for all travel needs.”
Paytm Forex Services
The multi-currency forex card and forex cash can be ordered on a real-time basis, which will be delivered on the users’ doorstep within 48 hours.