UK-based Fintech firm Wise (formerly doing business as TransferWise) has introduced remittance services in India, as the company looks to expand its operations globally with a new office in Mumbai.
Wise’s management noted that their cross-border payments services cost significantly less when compared to traditional banks and various other providers such as PayPal. Wise reveals that it’s transactions are 38% faster, on average, as all transfers globally are done almost instantly (within 20 seconds).
Wise recently rebranded from TransferWise in order to reflect its expansion into an international cross-border payments business that has 10 million customers globally.
Kristo Käärmann, CEO and Co-Founder of Wise, stated:
“Bringing Wise to India is a big step forward in our mission to build money without borders 一 instant, convenient, transparent and, eventually free. The data shows that Indians are more international than ever, with an increasing need to send money abroad as quickly, easily and cost-effectively as possible. With this launch we hope to make these transactions simpler and more pleasant for all Indians.”
Venkatesh Saha, Head of APAC and Middle East Expansion at Wise, remarked:
“Sending money from India has been one of our most-requested routes globally and we’re delighted to be able to bring our fully digital and transparent money transfer service to the country today. With Wise, you know exactly what you’re paying for a transfer, how much money your recipient is going to receive and how long it will take to complete a transfer, all from your phone or computer at home.”
As covered recently, Wise launched a Cloud-based educational project to address IT, computer programming skills shortage in Estonia.
As reported in May 2021, Wise is now offering Hong Kong residents the option to send money using only mobile phone numbers.