Paytm holds a hand with Ria Money transfer making sending money easier for the Indian diaspora.
Ria Money Transfer is a subsidiary of Euronet Worldwide. It is a giant in the field of cross-border money transfer. Ria is headquartered in the US. Paytm Payments Bank is an e-commerce company home grounded in India.
Paytm has the sharpest graph in terms of mobile transactions when compared to other Payments Banks in India. More than 64 million savings accounts and over 52 billion rupees deposits were there in Paytm as per March 2021.
Now, Ria and Paytm have entered into a partnership. The customers can send money virtually in the twinkle of an eye via Ria’s grand network to the mobile wallet of Paytm.
The mobile wallet enterprise measures about 2 billion dollars every day. It is expected that 1 trillion dollars will be transacted annually by 2023. Mobile wallets uplift financial inclusions in areas where people do not own a bank account.
This partnership is a new spearhead in India’s remittance industry. Paytm becomes India’s initial platform to accept international remittance straightway into its digital wallet. Ria becomes the initial money transfer company to link with Paytm.
Ria Money Transfer company creates a new channel to the Indian region by linking to the 333 million Digi-wallet users of Paytm.
Paytm wallet users anywhere in the globe can transfer money to their homes. Use the Ria Money Transfer app or its website, or visit Ria’s retail service. Now Ria has about 4,90,000 retail spots in the world.
Ria intends to use the technology already available to them to bring Indian families closer and to provide money at their fingertips.
Ria’s network is already assisting millions of bank accounts, mobile and virtual accounts enabling consumer and corporate payments over the same network.
As more global browsers are emerging as digital buyers, cross-border e-commerce is also becoming prominent. Fast, secure and affordable global money transactions will ultimately boost the economy.
Usually, international payments take a lot of time to settle compared to domestic payments. Digital wallets make this process easier. It is going to be the most popular regional choice in the coming years.
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