Paytm Payments Bank to accept international remittances

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The Indian diaspora living abroad will now be able to send money with ease as Paytm Payments Bank has partnered with Ria Money Transfer, a cross-border money transfer company and a Euronet Worldwide business unit, to enable international remittances. The tie-up is formed to assist its 333 million customers to receive money from their relatives living overseas.

With this, Paytm becomes the country’s first platform to accept overseas remittances directly into a digital wallet. Ria Money was the first money transfer service to connect with Paytm wallet users.

Ria Money has 490,000 retail outlets throughout the world. Customers of Ria Money can also send money via the app or website.

According to Euronet, each money transfer will be done in real time and will include security elements such as account confirmation and name matching.

“As we contemplate the importance of remittances to Indian families, Ria has continually looked for new ways to transfer money where it matters, and that’s why we formed this vital partnership with Paytm Payments Bank,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment, in a statement.

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 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 one-third of the population possess a bank account, boosting financial inclusion.

Bianchi said that Ria’s network serves over 3.6 billion bank accounts as well as 410 million mobile and virtual accounts.

Experts estimate that $1 trillion will be transacted yearly by 2023 in the mobile wallet market, which estimates roughly $2 billion each day. Mobile wallets are widely available in 96% of nations with less than one-third of the population having a bank account, helping to increase financial inclusion.

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