Paytm becomes India's first platform to accept international remittances directly into digital wallet

Sending money back home has become easier for the Indian diaspora.

Paytm Payments Bank has forged a tie-up with Ria 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 country’s first platform to accept international remittances directly into a digital wallet. On the other hand, Ria Money became the first money transfer company to connect with Paytm’s wallet users.

Ria Money has 490,000 retail outlets worldwide. Ria's customers can transfer cash through app or website as well.

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Every money transfer will be made in real time, and will have security features such as account validation and name matching, Euronet said.

“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, was quoted as saying in a statement issued by the company.

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.

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