Late last month in September 2021, Paytm became India’s first platform to accept international remittances directly into a digital wallet. Paytm Payments Bank forged a tie-up with Ria Money Transfer, a cross-border money transfer firm and a subsidiary of Euronet Worldwide Inc. with 490,000 retail outlets worldwide. Every money transfer is made in real-time, with all security features intact. The mobile wallet industry processes around $2 billion a day, with experts estimating that $1 trillion will be transacted annually by 2023.
Sounds easy, and it is so too, thanks to cloud computing that is increasingly proliferating the fintech industry today. Just 15 years ago, when Amazon released its first cloud-based platform, no one could have imagined the impact cloud technology would have on global businesses. From being just another techy buzzword, it has now become a global force to reckon with. For the financial industry, in particular, the cloud is creating an epochal disruption, the impact of which is yet to be seen.