Paytm Opens Up Forex Services on Its Platform with Top 20 International Currencies

One97 Communications Limited, that owns the brand Paytm, has introduced ‘Forex Service’ for money exchange of 20 top International Currencies on its platform in partnership with Centrum Direct. These 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. It can also be conveniently collected from any of the nearest partnered seller’s outlets across India. The service is currently live on Paytm’s website and will soon be launched on its Android and iOS apps.
This unique offering allows 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. Additionally, the customer will not be paying any commission, service charge or hidden charges on their purchases. 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 $3000 as currency notes.
Paytm has been constantly expanding its payments use-cases across the various segments. It already offers a bouquet of travel services that includes flight, train, and bus ticket booking. The platform has been registering a surge in international travel. This new offering will also complement the requirement of frequent travelers as they can now buy forex instantly along with their travel bookings.
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 forexservice 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.”
T.C. Guruprasad, CEO & MD, CentrumDirect Ltd. 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.”
Source: BW Disrupt