Paytm Launches Forex Services: Offering Forex Card and Currency Notes

Summary:

Paytm on Wednesday said that they had launched foreign exchange services in 20 international currencies. This service is live on the Paytm websites and will be accessible via the Android and iOS apps soon. Paytm is going to offer a multi-currency forex card and forex cash. They can be ordered on a real-time basis, and delivered within 48 hours or collected from a partnered seller. The customer would not have to pay commission, service charge or other hidden charges on their purchases and cash withdrawals

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You might be using Paytm form a while now. Paytm has given lots of new features from the day they started. And has become one of the used payment wallets across the globe. The Payment-wallet services provider Paytm on Wednesday said that they have launched foreign exchange services in 20 international currencies.

This service is currently live only on Paytm website, and will be accessible via the Android and iOS apps soon, the company said. Paytm will offer a “multi-currency forex card and forex cash”, Paytm said in a statement. They can be ordered on a real-time basis, and delivered within 48 hours or collected from a partnered seller, the company added.

“This offering allows to lock-in the current rates at the time of placing an order by making a 2 percent partial payment with the flexibility to make the remaining payment at the time of delivery,” it said. The users of the forex card will be able to check the balance online and, in most ATMs in abroad. It can be used at almost all merchant outlets and ATMs across the world, the company added.

The most important thing to discuss is that the customer would not have to pay commission, service charge or other hidden charges on their purchases and cash withdrawals, the company said. they added, Customers can load up to $250,000 (roughly Rs. 1.7 crores) in a financial year into the forex card and buy up to $3,000 (roughly Rs. 2 lakhs) as currency notes.

The companies Vice President Abhishek Rajan said “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”.

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