Indian e-commerce payment company Paytm has launched money exchange services in partnership with Ebix subsidiary CentrumDirect.
The forex service is currently available on the Paytm website in 20 international currencies. Plans are on to expand the service to the Paytm Android and iOS apps soon.
Under the service, customers can order multi-currency Forex card and Forex cash on a real-time basis. The card can be used in all major merchant outlets and ATMs across the world.
In a financial year, customers can load up to $250,000 into the card and buy up to $3,000 as currency notes.
They can carry out transactions by locking-in the current exchange rates at the time of placing an order through a two-percent partial payment. The remaining payment can be made at the time of delivery.
The new service is expected to benefit frequent foreign travellers. They can procure Forex with their travel bookings or can collect it from any partner seller outlets in India.
CentrumDirect managing director TC Guruprasad said: “Currently, we serve over 1.5 million transactions annually and our alliance with Paytm will further strengthen our client base.
“Paytm users will be able to benefit from our competitive exchange rates, a wide range of currencies and a dedicated post-sales service team.”