Paytm Payments Bank has partnered with Ria Money Transfer. Under this partnership, 333 million Paytm customers will be able to call money from their relatives abroad directly in the digital wallet.
Paytm Payments Bank customers will now be able to receive money from their friends and relatives living abroad directly in the digital wallet. For this, Paytm Payments Bank has partnered with Riya Money Transfer. 333 crore customers will be able to take advantage of this. With this partnership, Paytm became the first platform in India to accept money from abroad directly into a digital wallet.
Let us tell you that there are 333 million users of Paytm in the country and now it will help them to get money from their relatives abroad. Ria Money Transfer is a cross-border money transfer firm and a business segment of Euronet Worldwide. It allows to transfer funds from one country to another. Riya Money has 490,000 retail outlets across the world. Riya customers can also transfer cash through the app or website.
Money will be transferred in real time
Euronet said that every money transfer will be done in real time. That is, as soon as one fund is transferred, the money will be deposited in the other account. There are many security features in fund transfer. There will also be verification of accounts and matching of names. In account validation, the bank account number and other details are matched before the transaction.
$2 billion in daily transactions
Riya’s network supports over 3.6 billion bank accounts and 410 million mobile and virtual accounts. The mobile wallet industry handles about $2 billion in transactions daily. Experts believe that by 2023, transactions will reach up to $ 1 trillion annually.
Mobile wallets are widely available in 96% of countries where less than a third of the population has a bank account. In this way, financial inclusion is getting a boost from mobile wallets.
Satish Kumar Gupta, Managing Director, Paytm Payments Bank said, “We are now for the first time in India offering direct money transfer from abroad to Paytm Wallet.
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