Next-generation payments provider Sokin has launched its digital payments wallet in India, a market that generates a huge $87bn in remittances per year.
Through the launch, the more than 18 million Indian migrants that live outside their native country will be able to access global money transfers that are 51% cheaper.
This development follows the recent news that Sokin teamed with Visa to roll-out its global currency account and debit cards across Asia Pacific.
Launched in 2019, Sokin claims it is committed to supporting economic migrant workers across the globe by simplifying the moving and manging of money across borders, making it cheaper, more convenient and more transparent.
Customers who use Sokin are able to send unlimited money transfers and access cost-effective currency exchange in 38 currencies to over 200 countries and territories for a fixed monthly fee.
The firm claims it has already enjoyed success in over 32 countries since the launch of its digital wallet in August 2021 with 120,000 registered users and 175,000 on its global waiting list.
For customers living in India, features include the ability to receive Indian rupees from beneficiaries living overseas, send money transfers to other Sokin customers in India for free, bill payments and recharges, debit card controls, payment assist, linked trading accounts, nominee back-up and access to various customer offers.
Sokin CEO Vroon Modgill said, “Sokin was born from humble roots, and I am excited to bring our ethos to my homeland. As a first-generation Indian immigrant, I watched first-hand as my father struggled with sending money back to India regularly. The whole experience was stressful, expensive, and time-consuming.
“Unfortunately, this was a process he repeated religiously for many years. I knew there was a better way for economic migrants, like my father, to transfer money to loved ones across the world. Sokin has committed itself to creating a streamlined and accessible payments process for all; introducing it to India is very special indeed.”
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