Paytm has become the first payments platform in India to accept international remittances directly into a digital wallet in India, after it announced a tie-up with Ria Money Transfer, which is a cross-border money transfer firm and a part of Euronet Worldwide. Ria's network supports 3.6 billion bank accounts and 410 million mobile and virtual accounts.

How will it help customers?

Paytm's 333 million customers can now get money transferred directly into their accounts from their friends and relatives abroad. Through this tie-up, Ria Money, which has 490,000 retail outlets across the world, became the first money transfer company to connect with digital wallet users in India. Customers of Ria Money can now transfer money through its app and website.

"As we consider the importance of remittances to families in India, Ria has continually sought out new ways to get money where it matters, leading us to this important partnership with Paytm Payments Bank," Juan Bianchi, Chief Executive of Euronet's Money Transfer Segment, said.

Each money transfer will happen in real time and will have advanced security features, including validation and name-matching.

Also read: Paytm offers up to 100% cashback on mobile, data pack recharges during IPL matches

Growth in payments wallet business

Around $2 billion is what the mobile wallet industry processes each day, with experts estimating this figure to rise to $1 trillion within the next two years.

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

Also read: IPO-bound Paytm employees add 5.45 lakh more shares for monetisation

(Edited by : Shoma Bhattacharjee)

First Published:Sept 28, 2021 5:33 PM IST