Wise Relaunches in India Targeting $32 Billion Remittance Market

Wise Payments Ltd., having temporarily halted new customer registrations in India to enhance its infrastructure, is set to resume acquiring customers for overseas remittances in the coming months. This strategic move aims to capture a larger share of India`s expanding remittance market, which reached $32 billion recently. Wise obtained a license from the Reserve Bank of India, enabling the company to handle larger remittance volumes. While Wise has facilitated outbound payments from India since 2020 through a partnership with a bank, the service was limited to $5,000 per transaction, a restriction now lifted. The company is currently updating its systems to comply with the new regulatory requirements before onboarding new customers. Despite regulatory complexities, the potential of India`s burgeoning digital payments market makes it an attractive opportunity for global fintech companies like Wise and Revolut.