Global: Wise Eyes Major Opportunity in Indian Remittance Market

UK-based Wise has temporarily paused accepting new customers in India as it upgrades its infrastructure following a new license from the Reserve Bank of India. This license allows Wise users to send larger amounts of money abroad.

Previously, Wise’s outbound payment limit from India was capped at $5,000 per transaction. With the new license, Wise is enhancing its back-end systems to meet updated tax and reporting requirements, as reported by Bloomberg.

Outbound remittances from India surged to $32 billion in the year ending March 2024, up from $27 billion the previous year.

Shrawan Saraogi, Head of Asia Pacific Expansion at Wise, told Bloomberg, “Our primary focus will be on the cross-border movement of funds, which is currently dominated by banks.”

Saraogi added, “We believe we can become a significant player in this market by offering a service that is fast, affordable, and transparent.”