Wise to double down on cross-border payments, roll out prepaid forex card

Over 75,000 users waitlisted; fintech eyes cross-border payment expansion after securing RBI's in-principle PA-CB nod

UK-based fintech Wise is rolling out a multi-currency prepaid forex card for users in India as the company is doubling down on expanding its presence in the cross-border payments space in the country.

 

More than 75,000 users have waitlisted themselves to get the card ahead of its complete rollout, Taneia Bhardwaj, South Asia expansion lead at Wise, told Business Standard.

 

Unlike other cards where forex markups may range between 2 per cent and 4 per cent, Wise claims to offer an average fee of 0.5 per cent of a transaction value, while converting between currencies at a mid-market rate.

 

“When