The partnership between Ria Money Transfer, a cross-border money transfer firm and a business segment of Euronet globally, and Paytm Payments Bank will help its 333 million customers receive money from foreign countries.
With this, Paytm becomes the country’s first platform to accept international remittances into a digital wallet directly and Ria Money becomes the first money transfer company to connect with Paytm’s wallet users.
“As we consider the importance of remittances to families in India, Ria Money has continually sought out new ways to get money where it matters, leading us to this important partnership with Paytm Payments Bank,” the chief executive of Euronet’s Money Transfer Segment, Juan Bianchi was quoted as saying in a statement issued by the company.
With 4,90,000 retail outlets worldwide, Ria allows over 3.6 billion bank accounts and 410 million mobile and virtual accounts holder to transfer cash through an app and a website as well.
The mobile wallet industry processes nearly $2 billion a day. But experts estimate that the number will go up to $1 trillion by 2023. Mobile wallets are widely available in 96% of countries where less than one-third of the population possess a bank account, escalating financial inclusion.
According to Satish Kumar Gupta, managing director of Paytm Payments Bank, “ Paytm is now offering direct transfer of international remittances into the Paytm wallet, a first in India.”
With this, it will be easier for non-resident Indians (NRIs) or Indians staying abroad to send money back home. It will enable the NRIs to make every money transfer in real-time. The security feature list includes account validation and name matching, Euronet stated. This ensures customers will enjoy a safe and convenient user experience.
