UK-based foreign exchange broker Currencies Direct has introduced international payment service in Indian domestic currency INR.

The new service will enable Indian online sellers to remit their funds using INR as well as use Currencies Direct’s cross-border technology to accelerate international remittance in competitive foreign exchange rates.

Besides encouraging cross-border e-commerce trade in India, the service will enable local online sellers to procure funds in prominent international currencies with the flexibility to hold or withdraw funds as per requirement.

Further, sellers can convert sales revenue to INR and receive the funds the following day. The service will also provide SMS and email notifications of credit deposits.

Currencies Direct India managing director Ruchi Arora said: “Online sellers in India have been crying out for a fast, efficient FX service that allows them to receive payments in INR. Something that many other providers have only talked about launching.

“With the number of online sellers in India growing exponentially we are delighted to be able to offer such a service. We believe that our service will help to drive the growth of local businesses, not just in terms of increased employment but also expansion globally.”

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Currencies Direct is active in India since 2007. Headquartered in Mumbai, the company employs 200 people.