admin Financial technology company- Wise, has confirmed that it will open up its remittance services in the major market of India. The company said that it will be opening up an office in the major city of Mumbai as part of a push to work in a number of new markets around the world.
A Well-Processed Decision
The online money transfer firm recently rebranded away from its previous name, TransferWise. The firm said that it was able to process transactions almost two-fifths more quickly than a number of competitors in the money transfer industry. The move comes after a busy period for Wise in the last few months and years.
It also recently opened up a service for users in the US that allows Indian rupees to be sent via Google Pay to Indian users. Overall, the company has around 10 million users across the globe at the present time.
Expanding into a Growing Indian Market
Speaking on the Indian expansion, the firm’s chief executive officer Kristo Käärmann said that the expansion was a key move for the firm as it continues to pursue strong growth. Käärmann, who is also the firm’s Co-Founder, added that the ultimate goal of Wise was to make money transfers totally free of charge – which is one of the company’s distinctive potential value propositions. “Bringing Wise to India is a big step forward in our mission to build money without borders – instant, convenient, transparent and, eventually free,” he said.
He added that the international money transfer market in India was booming – especially when it came to demands for making fast transfers. “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,” he said. “With this launch we hope to make these transactions simpler and more pleasant for all Indians.” Venkatesh Saha, who is head of the Asia Pacific and Middle East Expansion programme at Wise, added that the outward India corridor had been asked for by customers. “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,” he revealed.
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