Paytm, India’s leading digital payments platform has entered into forex services. It is now providing money exchange for top 20 international currencies on its platform in partnership with Centrum Direct.
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 hence this as an important opportunity for us,”.
Paytm is providing doorstep delivery of forex cards and forex cash for its users within 48 hours. It can also be collected from any nearest partner retail outlet of Paytm across India. These services are already live on Paytm’s website and it will soon be available for Android and iOS apps.
It is also offering the service to lock-in the current rate at the time of placing the order by paying 2% of the forex total, letting the user pay the rest of the amount later at the time of delivery using NEFT or RTGS. Also, the customers will not be paying any commission, service charge, or hidden charges on their purchase.
Customers can avail a foreign exchange of $2,50,000 at max in any given financial year, however, only $3000 worth of currency notes can be availed, rest of the amount can be loaded in the forex cards. Forex card balance can be checked online or at most of the ATMs abroad. However, there might be some minimal costs involved in checking the balance in ATMs abroad.
Paytm had claimed to witness a surge in international travel booking, this new service will help the frequent travelers to buy forex in real time along with their travel booking.
Paytm has been on a growth trajectory and this new venture will bring in more transactions to the platform. Recently, Paytm had crossed the mark of 5 million transactions in a year, it is only going to increase.