ria money: Paytm becomes the first Indian platform to accept international remittances directly into digital wallet

Sending money home just got easier for the Indian diaspora.

Paytm Payments Bank has partnered with Ria Money Transfer, a cross-border money transfer company and business segment of Euronet Worldwide, to help its 333 million customers receive money from loved ones abroad.

This partnership makes Paytm the country’s first platform to accept international remittances directly into a digital wallet. On the other hand, Ria Money has become the first money transfer company to connect with Paytm wallet users.

Ria Money has 490,000 points of sale worldwide. Ria’s customers can also transfer money through an app or website.

Each money transfer will be made in real time and will include security features such as account validation and name matching, Euronet said.

“As we consider the importance of remittances for families in India, Ria

has continually sought new ways to get money where it matters, leading us to this important partnership with Paytm Payments Bank, ”said Juan Bianchi, Managing Director of Euronet’s Money Transfer Segment, in a statement. press release issued by the company.

Ria’s network supports more than 3.6 billion bank accounts and 410 million mobile and virtual accounts, he said.

The mobile wallet industry processes around $ 2 billion per day, with experts estimating that $ 1,000 billion will be processed annually by 2023. Mobile wallets are widely available in 96% of countries where less than a third of the population has a bank account, which stimulates finance inclusion.

“We are now offering direct transfer of international remittances into the Paytm wallet, a first in India,” said Satish Kumar Gupta, Managing Director of Paytm Payments Bank.

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