The achievement follows Wise’s expansion in India, with the company currently supporting approximately 10% of all money sent from abroad and enabling customers to send cost-effective and efficient transfers from the country. According to Wise, the company recently worked on scaling its local presence by creating a full-stack office in Hyderabad, launching an account details capability, and minimising fees and making transactions faster for transfers from India. With the international account details feature, Wise was set to enable freelancers and businesses to get paid from abroad in eight currencies, including GBP, EUR, USD, AUD, and SGD, at the mid-market exchange rate. The solution focused on decreasing fees and allowing businesses to obtain an eFRIC for every transaction, while also receiving payments in under 90 minutes.
By securing the licence, Wise is set to be able to facilitate higher transaction limits of up to USD 0.29 (25 lakh) for freelancers and businesses receiving cross-border payments through the company’s international account details capability. Additionally, the approval allows Wise to support businesses across India in sending payments abroad in the future.
Commenting on the news, representatives from Wise mentioned that India’s export economy is on a growth path, driven by a scaling base of small and medium-sized enterprises (SMEs) that focus on advancing the sectors. However, many businesses still encounter difficulties when receiving international payments, including high fees, transaction delays, unfavourable exchange rates, and decreased price transparency. The current announcement assists Wise’s commitment to provide Indians with a faster and more transparent alternative for their cross-border payments.
Furthermore, the new licence comes as the latest addition to Wise’s suite of solutions in the region, allowing the company to support exporters with a cost-efficient option to receive payments from customers abroad, in turn helping them retain more earnings and expand their global reach.
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