Paytm Payments Bank has tied up with riya money transfer, a cross-border money transfer firm and a business segment of Euronet Worldwide, to help its 333 million customers receive money from their relatives abroad.
This partnership makes Paytm the first platform in the country to be accepted internationally. Remittance directly a. In digital wallet. On the other end, riya money Paytm became the first money transfer company to connect with wallet users.
Ria Money has 490,000 retail outlets across the world. Riya customers can also transfer cash through the app or website.
Euronet said each money transfer will be done in real time, and will have security features such as account verification and name matching.
“As we consider the importance of remittances to families in India, Riya
Euronet’s Money Transfer Segment Chief Executive Juan Bianchi was quoted as saying in a statement issued by the company that it is constantly looking for innovative ways to get money where it matters, which has enabled us to sign this important partnership with Paytm Payments Bank. has been headed towards.
He said Riya’s network supports more than 3.6 billion bank accounts and 410 million mobile and virtual accounts.
The mobile wallet industry processes about $2 billion a day, with experts estimating that $1 trillion will be transacted annually by 2023. Mobile wallets are widely available in 96% of countries where less than a third of the population has a bank account, fueling financial growth. Inclusion.
Satish Kumar Gupta, Managing Director, Paytm Payments Bank said, “We are now offering direct transfer of international remittances to Paytm Wallet for the first time in India.