This agreement is also a significant addition to the Ria network which supports more than 3.6 billion bank accounts and 410 million mobile and virtual accounts
Ria Money Transfer, a business segment of Euronet Worldwide, Inc. (NASDAQ: EEFT) and global leader in the cross-border money transfer industry, and Paytm Payments Bank, India’s homegrown leading payments company today announced a partnership to enable customers to send money in real time – virtually instantly – through Ria’s extensive network to Paytm’s prominent mobile wallet.
Thanks to this pioneering partnership, both companies break new ground in the remittance industry in India. Paytm becomes the country’s first platform to accept international remittances directly into a digital wallet, and Ria becomes the first money transfer company to connect with Paytm’s approximately 333 million wallet users1 significantly increasing its customer reach in the region and creating a new delivery channel for the Indian diaspora to send money back home.
Customers abroad can now conveniently transfer money to fully KYC’d Paytm wallet users in India from the comfort of their homes through the Ria Money Transfer app or website or by visiting any one of the 490,000 Ria retail locations available worldwide where the service is available. Every money transfer will be made in real time, offering advantageous security features such as account validation and name matching, which ensures customers will enjoy a safe and convenient user experience.
“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,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment. “Considering the needs of our customers and leveraging the technology that is already in their hands, Ria is proud to offer them greater digital access and convenience by being the first in India to offer direct payments to the popular Paytm mobile wallet, bringing Indian families closer together by putting money at their fingertips. This agreement is also a significant addition to the Ria network which supports more than 3.6 billion bank accounts and 410 million mobile and virtual accounts and is being expanded to enable consumer and corporate payments over the same network.”
Satish Kumar Gupta, MD and CEO – Paytm Payments Bank Ltd said, “In our continuous efforts to empower citizens with seamless, digital banking services, we are now offering direct transfer of international remittances into the Paytm Wallet, a first in India. We are pleased to partner with Ria Money Transfer, which is an established brand for fast, secure, and affordable global money transfers. This launch will offer unmatched convenience and flexibility to the Indian diaspora across the world to send money home in real-time.”
This alliance builds on Ria’s digital expansion strategy as it continues to broaden its services to mobile wallets globally, increasing penetration and customer reach across emerging markets. The mobile wallet industry processes around US$2 billion a day, with experts estimating that US$1 trillion will be transacted annually by 20232. Mobile wallets are widely available in 96% of countries where less than one-third of the population possess a bank account, representing an unprecedented opportunity for financial inclusion. Adding mobile wallets to Ria’s extensive network not only enhances the omnichannel experience for customers but creates greater convenience and added value.
Source: Business World