The ease of access brought by this collaboration will provide customers in remote areas across India with convenient and affordable doorstep financial services
FinTech BizNews Service
Mumbai, June 19, 2024: India Post Payments Bank (IPPB) has announced its partnership with Ria Money Transfer (Ria), global leader in the cross-border money transfer industry and business segment of Euronet Worldwide, Inc. The ease of access brought by this collaboration will provide customers in remote areas across India with convenient and affordable doorstep financial services.
Sixty-five per cent of India’s population lives in rural areas with limited financial infrastructure. These families need to travel long distances to withdraw their international inward remittance money, leading to loss of wage, incur travel expense & they also get exposed to risk associated with cash in transit or storage at home as they have to withdraw entire amount altogether. The IPPB & Ria’s partnership will increase people’s access to banking services at their doorstep & help them withdraw only to the extent they need immediately, ensuring they get saved from the earlier hassles and risks, thereby experiencing financial inclusion in true sense, leading to their long-term economic growth.
Through this partnership, the Internationals Inward Money Transfer service will become available at more than 25,000 Post Office locations immediately with an expected reach to over 100,000 locations through the Post Offices. By combining IPPB’s reach through world’s largest postal network and esteemed reputation with Ria’s global network and extensive product offering, customers across India will be able to benefit from a fast, convenient and safe doorstep service no matter where they are.
As stated by Shri R Viswesvaran, MD & CEO, IPPB, “Rural India is the heart of our nation & for many rural families, receiving remittances from abroad is a lifeline that supports education, healthcare, and daily living expenses. With IPPB’s extensive network and trusted service, we are making international inward money transfers more accessible, affordable, and reliable for rural customers. This service bridges a crucial gap, allowing families and communities to connect with their loved ones abroad seamlessly and securely. This initiative underscores our dedication to ensuring that no corner of India is left behind in the global financial landscape.”
In addition, IPPB & Ria are leveraging current technology and infrastructure, like verified biometric authentication for customers’ KYC (Know Your Customer) without the need of showing any physical ID to collect remittances and digital transaction confirmation with a paperless receipt, to revolutionize the money transfer process. Both entities are enhancing the customer experience by streamlining the process of receiving remittances through a secure, paperless journey, ensuring compliance with regulatory highest standards and bolstering security measures.
“When a customer chooses a money transfer provider, they are entrusting that company with their hard-earned money. For rural communities, these services mean much more than being able to receive funds in a secure and convenient manner” shared Mr Shawn Fielder, Chief Executive Officer, Ria Money Transfer. “Ria’s partnership with IPPB provides economic opportunities to a wide variety of rural communities who, like all of us, deserve a chance a better everyday life.”
Mr Ignacio Reid, Ria’s Chief Operating Officer also added, “This partnership between Ria and IPPB allows us to leverage our combined strengths to provide innovative solutions to our customers across India.”
This partnership underscores both IPPB & Ria’s shared commitment to service excellence, leveraging their network capabilities and reach to drive positive change across the remittance industry. Both companies are confident this collaboration will lead to significant benefits to all stakeholders.
