Paytm became the first payment wallet in India to offer this functionality. Its 333 million customers can now receive money transferred directly to their accounts by friends and relatives abroad.
Paytm became the first payment platform in India to accept international remittances directly to a digital wallet in India, after announcing a partnership with Ria Money Transfer, which is a cross-border money transfer company and part from Euronet Worldwide. Ria’s network supports 3.6 billion bank accounts and 410 million mobile and virtual accounts.
How will this help customers?
Paytm’s 333 million customers can now receive money transferred directly to their accounts by friends and relatives abroad. As a result of this merger, Ria Money, which has 490,000 outlets worldwide, became the first money transfer company to connect with digital wallet users in India. Ria Money customers can now transfer money through its app and website.
“As we consider the importance of remittances for families in India, Ria has continually researched new ways to get money where it counts, which has led us to this important partnership with Paytm Payments Bank. Juan Bianchi, Managing Director of Euronet’s Money Transfer Segment, mentioned.
Each money transfer will be in real time and will have advanced security features including validation and name matching.
Growth in payment portfolio activity
About $ 2 billion is what the mobile wallet industry deals with every day, with experts estimating that figure to rise to $ 1 trillion over the next two years.
Paytm Payments Bank Managing Director Satish Kumar Gupta said: “We now offer direct transfer of international remittances into the Paytm wallet, a first in India.
(Edited by : Shoma bhattacharjee)
First publication: STI