• Wise, formerly known as TransferWise, will now set up money transfer services to India as part of its drive to expand globally – and it is also set to open an office. in Mumbai.
• The company now has 10 million users worldwide – and this decision, much requested by customers, will increase its total.
• A senior company official said the company was excited about the new move and was also part of a final strategic push to make online money transfers free in the future.

Financial technology firm Wise has confirmed that it will open up its money transfer services in India’s main market.

The company said it will open an office in the large city of Mumbai as part of a campaign to work in a number of new markets around the world.

The online money transfer company said it was able to process transactions almost two-fifths faster than a number of competitors in the money transfer industry.

The move comes after a busy period for Wise over the past few months and years.

It recently changed its name to its old name, TransferWise.

It also recently opened a service for users in the United States that allows Indian rupees to be sent via Google Pay to Indian users.

Overall, the company currently has around 10 million users across the world.

Speaking on the Indian expansion, the company’s managing director, Kristo Käärmann, said the expansion was a key step for the company against a backdrop of strong growth.

Käärmann, who is also the company’s co-founder, added that Wise’s ultimate goal is to make completely free money transfers, which is one of the potential distinctive value propositions of the business.

“Bringing Wise to India is a big step forward in our mission to build money without borders – instant, convenient, transparent and ultimately free,” he said.

He added that the international market for money transfers in India is booming, especially when it comes to requests for fast transfers.

“Data shows Indians are more international than ever, with a growing need to send money overseas as quickly, easily and cost effectively as possible,” he said.

“With this launch, we hope to make these transactions simpler and more enjoyable for all Indians.”

Venkatesh Saha, who heads the Asia-Pacific and Middle East expansion program at Wise, added that the corridor to India has been requested by customers.

“Sending money from India has been one of our most requested routes around the world and we are delighted to be able to offer our fully digital and seamless money transfer service in the country today,” he revealed.

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