Wise joins giant Indian remittance market
Money transfer firm Wise has touched down in India, opening an office in Mumbai and enabling users to send and receive payments to 44 countries worldwide.
RBI data shows that remittances under the Liberalised Remittance Scheme (LRS) have been growing over the years 一 totalling $18.75B in the financial year ending March 2020, with travel and paying for studies abroad accounting for over 60 percent of the transfers in that period.
Kristo Käärmann, CEO and co-founder of Wise said: “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.”
The company also announced the opening of its India office in Mumbai and the appointment of payments industry veteran Rashmi Satpute as the expansion lead for the Indian launch.