Wirecard Forex India, part of Germany-based Wirecard AG, provides foreign currency exchange, remittance, and prepaid card services to retail and corporate customers in the South Asian country. The company’s team of 190 people will all join Nium as part of the acquisition.
The deal will also see Nium acquire Wirecard India’s authorised category II money exchange dealer license from the Reserve Bank of India. With this license, the remittance major can directly engage in a variety of payment service activities, including currency conversion, money transfer, and prepaid card issuance.
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