Wise recently introduced a multi-currency travel card in India, entering the market as international travel has surged.
Travel Spending Trends
In 2024, India witnessed approximately USD 432 million worth of outbound travel. This travel predominantly consists of leisure trips (42.5%), visits by diaspora members (34.7%), and business trips (14.9%). The overall spending across borders has significantly increased.
Key Features of Wise’s Travel Card
For the Indian market, Wise offers a travel card that features transparent pricing with support for over 40 currencies. This offering aims to alleviate hidden fees often encountered with traditional providers.
According to Wise, their travel card uses mid-market exchange rates and clearly displays any conversion fees. The company has seen strong interest with more than 75,000 people joining a waiting list within a month of announcing the launch at the Global Fintech Festival.
The card is designed to cater to current travel patterns, including support for currencies in countries like Vietnam, Indonesia, Turkey, and Georgia. It can be used in over 160 countries through the Visa network. Onboarding processes include DigiLocker and video KYC, providing instant digital cards for online use and topping up via IMPS.
Notably, Wise’s card automatically selects the best available rate for foreign spending, regardless of whether the traveler holds that currency in their wallet or not. It also allows users to freeze or unfreeze the card, set spending limits, and receive real-time alerts.
Launch Significance
By launching this multi-currency travel card, Wise aims to position itself as a key player in India’s travel payments landscape. Taneia Bhardwaj, South Asia Expansion Lead at Wise, mentioned that the company is stepping up to support Indian travelers who are traveling abroad more frequently, making their international spending more efficient as they embark on trips during the upcoming season.
The launch aims to provide users with greater convenience and an enhanced product experience when traveling internationally.
