UK-based fintech Wise is advancing its presence in the Indian market with plans to launch what it claims is the country’s first ‘travel’ card.
The money transfer platform has opened a waitlist for this card, specifically designed for Indians traveling abroad. India’s travel market has seen substantial growth in recent years, with travelers spending nearly $17 billion overseas last year, according to data from the Reserve Bank of India (RBI).
Wise estimates that Indian travelers lose over $200 on a $5,000 trip when using traditional bank cards. “India is growing incredibly fast as a travel market, but the products we use when we’re abroad haven’t kept up with the needs of today’s savvy Indian travelers,” said Taneia Bhardwaj, South Asia expansion lead at Wise.
In June, Wise received in-principle approval from the RBI to operate as a cross-border payment aggregator for export transactions and established a full-stack hub in Hyderabad, its second in the APAC region. This announcement coincides with the Global Fintech Festival in Mumbai and follows closely after Revolut’s plans to launch a payments platform in India.