Paytm Forex – The future of Foreign Exchange in India

Paytm Forex

Paytm Forex – The future of Foreign Exchange in India

Paytm Forex to make the hassle of going on a foreign trip for Indians, easy. Read below to know how.

History of Paytm

Paytm Forex

Paytm, founded in 2010, by Vijay Shekhar Sharma is an Indian e-commerce wallet. Headquartered in Noida, Uttar Pradesh Paytm serves both the purposes of being an Indian e-commerce paying system as well as a digital wallet. It allows you to make payments for almost all your expenses including shopping, food, movies or even traveling. The areas where Paytm can be used is endless.

Since 2010, Paytm has been doing really well in the country and now has become India’s No 1 digital wallet. Other than that, Paytm has also launched its own payment gateway and also the Paytm Payments Bank. Paytm was awarded ‘Outstanding Startup of the Year’s at Forbes Leadership Awards in 2016. The company is valued at $8 billion dollars today!!

Paytm Forex – The new venture

Paytm Forex

Well, Paytm has now come up with their new service, Paytm Forex Services. They will be offering Forex cards and also currency notes. The good thing is that the customer would not have to give any kind of commission service charge or any kind of other hidden charges on their purchases or withdrawals.

Paytm has stated that they have already launched their foreign exchange services in as much as 20 international currencies. “We would be offering multi-currency Forex card and Forex Cash,” said Paytm in a statement. They also said, “This offering allows to lock-in the current rates at the time of placing an order by making a two percent partial payment with the flexibility to make the remaining payment at the time of delivery.”

They have also said that the customer does not need to pay any sort of commission or service charge or any other hidden charges on their purchase or withdrawals. The users can load a maximum of $250,00 in a financial year into the card and purchase up to $3000 as currency notes. Thus, the digital payments company Paytm has stepped into the Forex services for 20 top international currencies.

In the first part of April 2018, the parent company INC42 reported that Paytm is actually looking to venture into the foreign exchange and cross-border remittance space. The report suggested further that Paytm will first start with the foreign exchange services. After that, they may enter cross-border remittance services, both inward and outward as well in near future.

Paytm Forex – Their A Game

Paytm Forex

The main competition for Paytm in this space is PayPal. Also, the Singapore based Instagram has recently launched their own cross-border outward remittance services in India with the partnership with the DCB bank.

“We have been witnessing an unprecedented growth for international travel bookings on our platform. We learned that our customers usually are in 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,” Abhishek Rajan, who is the Vice President of Paytm said.

The multi-currency Forex card and Forex cash can be ordered on a real-time basis and it will be delivered to the customer within 48 hours at their doorsteps. The user can also collect them from any of their nearest outlets of Paytm’s partnered sellers across India. As of now, this service is live on the website of Paytm. However, it will soon launch its app on Android or iOS platforms.

Also, the company allows the users to lock in the rates which are going on currently at the time of placing an order. The customers can do so by making a partial payment of 2%, thus giving them the flexibility to make the remaining payment at the time of delivery. Also, the customer will not be made to pay any kind of commission or service charge or hidden charges if they purchase anything or make any payments using the Patym Forex card. Also, it’s balanced can be checked online and, in most ATMs, abroad.

Paytm Forex cards can be used at almost any merchant outlets and also ATMs all around the world. The company has made it possible for the customers to load up to $250,000 in a financial year into the Forex card and can also buy up to $3000 as currency notes. CentrumDirect Ltd, CEO, and MD, T.C Guruprasad said, “We are delighted to partner with a reputed player like Paytm. Currently, we serve over 1.5 million 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.”

Thus, Paytm is all set to shine in the market of foreign exchange as well. Paytm has always been successful in whichever fields they have stepped into. So let's see if they will continue being successful.

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