Paytm Launches Forex Services, Will Offer a Forex Card and Currency Notes

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Payments-wallet services provider Paytm on Wednesday said it has launched foreign exchange services in 20 international currencies. The service is currently live on the Paytm website, and will be accessible via the Android and iOS apps soon, the company said.

It would offer a "multi-currency forex card and forex cash", Paytm said in a statement. They can be ordered on 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 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, the company added.

Further, the customer would not have to pay commission, service charge or other hidden charges on their purchases and cash withdrawals, the company said. 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, it added.

"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," Abhishek Rajan, Vice President-Paytm.