In a significant expansion into the Forex space, Noida-based e-commerce and digital payments giant Paytm has launched a Forex card and cash service.
The Paytm Forex Service can be used for money exchange for the 20 top International Currencies and comes with a host of features to make it convenient for users, giving what may be called a digital spin to a widely used financial service.
In a post announcing the launch, Abhishek Ranjan, Vice President at Paytm, 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.”
A forex card allows you to convert and load foreign currency into a special debit card which can then be used at ATMs and payment kiosks abroad where the currency is accepted. For example, you can convert Rupees to Euros, load the Euros into your forex card and use it to make a payment at an ATM in Europe.
As per Paytm, the service is currently active on its website and will soon be available on its apps. We visited the website and found the following:
The 20 foreign currencies: US Dollars, Thai Baht, Euros, United Arab Emirates Dirham, Singapore Dollars, Great Britain Pounds, Australian Dollars, Canadian Dollars, Swiss Francs, Hong-Kong Dollars, Japanese Yen, Chinese Yuan, Swedish Krona, New Zealand Dollars, Saudi Riyal, South African Rand
The current conversion rates are listed at the very top. You can select your delivery branch or pickup location and the currency amounts you want in your card. Depending on how much currency you want to load, 2% of the amount will have to be paid for in advance along with a delivery charge of Rs 150. The minimum amount to be loaded into a card is $200, or just under Rs 14,000.
A helpline number has been added: 9916899168
Best known for its e-payment wallet, Paytm now offers a range of products and services on its platform, including online mobile, datacard, DTH, water, cooking gas and cable TV bill payments. It also has an e-commerce marketplace called Paytm Mall to buy products as well as for the purchase of movie, flight, rail and bus tickets.