India-based mobile wallet provider Paytm is set to expand its financial service portfolio with the launch of foreign exchange facilities and a potential move into international remittance, The Economic Times reported.
Paytm, which began offering savings accounts last year when it launched its payments bank, received a new licence from the Reserve Bank of India allowing it to process foreign exchange and cross-border remittance.
ET said the company was set to launch foreign exchange services with a potential move into remittances at a later date. No firm timescales were revealed.
Moves towards provision of international services follow the company’s strategy of pursuing opportunities outside of its core mobile wallet payment services, including e-commerce and an investment service dubbed Paytm Money.
In entering India’s remittance sector, Paytm would be competing mostly against traditional financial sector companies and specialist international providers for a share of the world’s largest inbound remittance market.
World Bank statistics published in October 2017 said India was set to retain its position as the country with the largest annual value of inbound remittances with $65 billion received in 2017.