Ria Money Transfer (“Ria”), the third largest money transfer company in the world and subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT) has partnered with three leading agents, Weizmann Forex Limited, Paul Merchants Limited and Transcorp International Limited, to provide customers in India a new ‘gold standard’ money transfer service.
Customers in India who use Ria’s ‘gold standard’ cash payout network, will automatically be eligible to win pure gold prizes. These include one of 30 gold coins weighing 30 grams, or the bumper prize, 100 grams of gold. In total, Ria will offer 1kg of gold prizes, between May 23 and July 31*, through authorized payout locations.
Ria’s new agents all have more than 15 years’ experience in the money transfer sector. Their expertise will add value to Ria’s robust network, with tens of thousands of locations to be added across the country. These will provide tremendous convenience and accessibility for beneficiaries to easily receive cash remittances from their loved ones.
Juan Bianchi, CEO & President of Ria Money Transfer, said: “India is the top receiving market for migrant remittances, receiving $62.7 billion in 2016. Millions of households are largely dependent on these transfers for family maintenance, savings and investment. We are proud to be the link that connects Indians to their loved ones in rural, semi-urban and urban centres across the country.
“Ria is delighted to partner with Weizmann Forex, Paul Merchants Limited and Transcorp International to provide the ‘gold standard’ in fast and reliable cash payout for customers across India – no matter where they reside,” concluded Bianchi.
Karthikeyan Balasubramanian, Managing Director of Weizmann Forex Limited, added: “Remittances have emerged as a leading alternative to conventional banking channels. By partnering with a global leader like Ria Money Transfer, we are confident we will address the rising demand for quick, reliable and efficient money transfer services while reaching a wider audience in India and globally.”
S Paul, Chairman and Managing Director of Paul Merchants Limited, said, “We are tremendously excited to announce this partnership, which is going to be a defining moment for the remittance industry in India. With Paul Merchants Limited’s client base and Ria Money Transfers’ suite of services, we will be able to facilitate our consumers with streamlined financial operations and with unmatched global reach. We are a trusted partner and we are here to provide trustworthy services to the working Indians across the globe.”
Ashok Kumar Agarwal, Director of Transcorp International Limited, said, “Remittances are playing an important role in shaping the socio-economic development of India and many other developing countries. We are delighted to partner with Ria Money Transfer, which will facilitate us to serve the large remittance dependent population spread out across India. This partnership will enable our consumers to transfer money in a fast and reliable fashion, thereby benefiting millions of people.”
In Dubai, UAE, Ria also announced its expansion in the Middle East, amplifying the quality of its network in the Gulf Cooperation Council (GCC) countries – one of the world’s top remittance sending regions, and India, the number one remittance receiving country in the world. The company has a strong network worldwide, including in the sending markets, where many Indians reside. In the US and Spain, customers can also make transfers to India online, at www.riamoneytransfer.com and www.riamoneytransfer.es and in the UK through Asda Money Transfer Powered by Ria.
In 2014, Ria secured a Money Transfer Operator Licence under the Money Transfer Service Scheme
(MTSS) and was granted authorization by the Reserve Bank of India (RBI) to expand its network in India. Since then, the company – which is part of the money transfer segment of Euronet – has further expanded and now offers services in 146 countries through approximately 321,000 locations. In 2016, the money transfer segment collectively processed 82.3 million transactions – which represents a 26% CAGR since 2010 – and facilitated $33 billion in transfers.12.
In addition to cash pick-up, Ria also offers bank deposit services which allow customers to transfer
money to any bank account in India.
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