Global Wallet by India !

Thank you for your continuous support in helping us reach to 3,535+ subscribers in just 4 publication. This time we chose to write an article around Forex/ Global Wallet.

Have you ever transferred money from your INR account to a party outside India and felt that all possible factors including

• Compliance
• Cost
• Timeline

is high !! Irrespective of the amount of payment. May it be a payment you are making to a freelancer in Bangladesh for 10k INR or INR 1 Million to the US, its the same and its %cost is very high.

There are a few foreign players who tried to find a way around but I doubt they have much interest around India and hence never focussed too much on India, which is where the opportunity is ! Three famous names in the space of Global Wallet that most people in the Industry know about are -

PayPal : Pioneer and well recognized global wallet that enables individuals and businesses to send and receive money internationally. It supports multiple currencies and facilitates cross-border transactions.

Charges - High !

Country of Origin - US

India Market - In 2020, PayPal India did about $1.4 billion of total payment volume with close to 360,000 small exporters

2. Wise : Fintech company that provides a borderless account and wallet, allowing users to hold and manage money in different currencies. It offers low-cost international transfers and supports sending and receiving money globally.

Charges - High

Country of Origin - Estonia

India Market - The company was targeting the $18.8 billion remittance market out of India in FY20 of which travel and studies abroad accounted for 60% of transfers.

Limitation - INR 1.5Million/day

3. Revolut : A digital banking and payments platform that provides users with a multi-currency wallet. It allows for international money transfers, currency exchange, and spending in different currencies using a prepaid debit card.

Charges - High

Country of Origin - UK

India Market - launched in 2022 in India, data not available

None of them is an Indian originated or India focussed wallet. Any new bank or an established bank who has recently got a forex license can either go in the direction of its predecessor or can explore the all new by itself or extending the APIs to a startup in this space. (Yes we at One21.ai (Formerly Flookup) are looking for one ! so in case anyone from the banking industry happens to read this newsletter, lets get on a call).

Inspite of the fact that these companies claimed to be rendering a lower fees, its still way too high and there is a big margin still in this place. How about taking a white labelling solution from a Bank directly and making a solution more user friendly, fully compliant and cheaper.

If you wish to get on an Expert Call with us, we are listed on?Nextyn?!

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Best regards,

Vaibhav Mandhana, Flookup

[email protected] |?www.flookup.com | www.FlookupGDS.com