India is known to be the largest recipient of remittances in the world, receiving $87 billion in 2021*.
—Vroon Modgill, CEO of Sokin
LONDON, UK, March 3, 2022 /EINPresswire.com/ — Sokin, the next-generation payments provider, is poised to disrupt India’s $87 billion* remittance market by giving the $18 million* * Indian migrants living outside their country of origin access to 51% cheaper international money transfers***.
The news follows Sokin’s recent announcement of a multi-year partnership with Visa to bring its innovative digital account and debit card to Asia-Pacific countries and territories.
Founded in 2019, the London-based fintech is equipped to support India’s vibrant migrant population in regions and countries such as Europe, US, Australia, UK and Canada by offering its consumers the ability to send money across borders affordably, transparently and conveniently. The startup has already seen success in more than 32 countries since launching its digital wallet in August 2021 with 120,000 registered users and 175,000 on its global waitlist.
Sokin gives those who live and work outside of their home country looking to send money home access to 51% cheaper global money transfers*** on a wider international reach than that currently available through other vendors in the market. Using Sokin, consumers can send unlimited money transfers and access profitable currency exchange in 38 currencies to over 200 countries and territories for a flat monthly fee.
Customers living in India can download the feature-rich and holistic Sokin app designed to be an alternative to the traditional banking system. Features include the ability to receive Indian Rupees from recipients living overseas, send free money transfers to other Sokin customers in India, bill payments and top-ups, debit card checks , payment support, applicant backup, linked trading accounts, and access to various offers clients.
A personal and close-to-the-heart launch of Founder and CEO, Vroon Modgill, said, “Sokin was born from humble roots and I am thrilled to bring our philosophy to my homeland. As a first-generation Indian immigrant, I saw firsthand my father struggle to send money to India on a regular basis. The whole experience was stressful, expensive and time consuming. Unfortunately, it 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 around the world. Sokin is committed to creating a simplified payment process that is accessible to everyone; introducing it to India is indeed very special.
India is well known for having a large influx of indigenous residents**, many of whom choose to emigrate for work, study abroad and for family reasons. Sokin’s digital wallet is an alternative to traditional banking services; and one that is truly inclusive and adapts to India’s dynamic remittance market by removing barriers that prevent people from realizing their economic potential.
* The Hindu: India received $87 billion in 2021, World Bank
**The Times of India: With 18 million people, India has the largest diaspora in the world, UN
***Comparison based on the average cost of digital transfers when sending $200 using the free Sokin Basic account to a Sokin Wallet user. Data from the World Bank
– Ends –
Notes to Editors
Sokin will be launched in India in March 2022.
The Sokin digital wallet is accessible through an advanced peer-to-peer mobile app available for free on Android and iOS.
Sokin is the official FX global payments provider for well-known football clubs Arsenal, Everton, Fulham FC and AS Monaco, and NFL team, the Miami Dolphins with others to be announced soon, and has partnered with Mastercard in Europe, Asia and Singapore. . Other territories will be rolled out soon.
Sokin is a global currency account provider focused on creating an open and transparent payment platform. It is the only payment provider enabling global payments for a fixed monthly fee, giving consumers the power to make unlimited payments and transfers. There are no additional costs or hidden fees, just simple currency exchange and money transfers, simplifying and democratizing the process. Sokin was founded by Vroon Modgill in 2019, the company is headquartered in London and has 10 offices around the world.
For more information, visit www.sokin.com.
Sokin is a trade name and registered trademark of Plata Capital Ltd. For more information on accessing the Sokin app and related payment services in your country of residence, please visit www.sokin.com.
Sokin communications contact:
+44 3333 110 300 (UK)
+44 333 311 0300
write to us here