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Businessworld India
|February 11, 2023
In an interaction with BW Businessworld, Rashmi Satpute, Country Manager, Wise India speaks about the remittance market, what makes Wise different, future plans, and much more
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What is your outlook on the remittance market?
India is fintech-forward and home to one of the most connected populations. Digital payments have really taken off, recording 29 per cent growth in March 2022, according to the newly constituted RBI's digital payment index. We're seeing innovation in the local payments system thanks to UPI.
Finally, remittances to India are set to reach $100 billion based on the World Bank's data. Similarly, outflows under the RBI's Liberalised Remittance Scheme (LRS) grew 54 per cent in FY22 with overseas travel and education spending as key growth factors. These numbers indicate the magnitude of importance of remittances in India.
How is India as a market for Wise?
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