A new and easy way has come to get cash from friends and relatives living abroad. Paytm is launching such a service, through which you will be able to get money from abroad directly in your digital wallet. Paytm Payments Bank has tied up with 'Riya Money Transfer' for this. 333 crore customers of Paytm Payments Bank will be able to take advantage of this.
Ria Money Transfer is a business segment of Euronet Worldwide. It allows transferring funds from one country to another. Its network is serving more than 3.6 billion bank accounts worldwide, besides 410 million mobile and virtual accounts. It has 4,90,000 retail outlets worldwide but its customers can also transfer cash through the app or website.
Riya gives her service on a real-time basis. That is, while transferring the funds of one party, the other party gets the money. There are many security features in its fund transfer. For example, before payment, apart from account validation, the name will also be matched. In account validation, the bank account number and other details are matched before the transaction.
Talking about the new service of Paytm Payments Bank, its Managing Director (MD) Satish Kumar Gupta said, "We are providing the facility of Direct Transfer of International Remittances (receiving cash from abroad) to Paytm Wallet. Fund transfer will be quick and cost-effective in a completely secure manner. The benefit of this service will be available to those customers whose full KYC (Know Your Customer) is complete.
According to experts, the mobile wallet industry does about 2 billion transactions per day. By 2023, the annual transactions can reach about one trillion dollars. Mobile wallets are running rampant in 96% of the world's countries where less than a third of the people have a bank account. In this way, financial inclusion is getting a boost from mobile wallets.
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