Paytm makes foreign travel easier! One97 Communications enters forex market with cards for up to 20 currencies

By: | Published: July 11, 2018 3:19 PM

One97 Communications Limited, that owns the brand Paytm, has introduced ‘Forex Service’ for money exchange of 20 top international currencies on its platform.

One97 Communications, Paytm, Paytm Life Insurance, digital payments ecosystem, SoftBank GroupWith Paytm’s latest offering, frequent travelers will now be able to buy forex currency instantly along with their international travel bookings.

With Paytm’s latest offering, frequent travelers will now be able to buy forex currency instantly along with their international travel bookings. One97 Communications Limited, that owns the brand Paytm, has introduced ‘Forex Service’ for money exchange of 20 top international currencies on its platform. Paytm on Wednesday said that people will now be able to buy multiple foreign currencies with the newly launched forex cards by making a 2% partial payment without paying any commission, service charge or hidden charges on their purchases.

Digital payments platform Paytm said that the forex services have been launched in partnership with Centrum Direct. Paytm’s 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,” the company said in a statement.

Paytm said that its latest 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,” said Paytm. Customers can load up to $250,000 in a financial year into the forex card and buy up to $3000 as currency notes.

“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,” said Abhishek Rajan, Vice President – Paytm. “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,” added Rajan.

The digital payments platform has been constantly expanding its payments use-cases across the various segments, already offering a bouquet of travel services that includes flight, train, and bus ticket booking. The platform has also been registering a surge in international travel, the statement said.

“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,” said T.C. Guruprasad, CEO & MD, CentrumDirect Ltd.

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