Ria Money Transfer (“Ria”) the third largest money transfer company in the world and subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT) has signed direct partnership agreements with three of India’s leading cash remittance payout agents, Paul Merchants Limited, Weizmann Forex Limited and Transcorp International Limited.
Ria’s new principal agents are well-recognized in India and each have more than 15 years’ experience in the money transfer sector. With the addition of these agents, Ria will upgrade its cash payout network during the next 12 months by adding tens of thousands of high-quality retail and non-banking financial company (NBFC) locations across India. The robust and ubiquitous payout network will provide Ria with increased brand recognition, while providing tremendous convenience and accessibility for beneficiaries to easily receive cash remittances.
Speaking at a press event in New York, Juan Bianchi, CEO & President of Ria Money Transfer, said: “Indians make up the largest diaspora group globally and India is still the top receiving market for family remittances, receiving $62.7 billion(1) in 2016.
“Today, Ria has one of the best services in the United States to send money to India. Millions of households are largely dependent on these transfers for family maintenance, savings and investment. We are proud to be the link that connects our customers in the US to their loved ones in rural and urban centers across India. We welcome our new partners to the Ria family.”
Ria already has a strong network worldwide, including in top remittance sending countries such as the United States, where many Indians reside. In 2015, the United States was named the second top remittance sending country to India, responsible for facilitating $11.7 billion in transfers(2).
In addition to cash pick-up, Ria also offers bank deposit services which offers customers the option to transfer money to any bank account in India online at www.riamoneytransfer.com or via an agent location. In a recent report from the World Bank’s Remittance Prices Worldwide(3), Ria ranked first for sending $200 and $500 to India using the online service and in the top 10 for cash to account transfers through an agent location. These results reflect the company’s commitment to offering the most competitive rates and best service possible to the customers its serves.
(1) World Bank Remittance Inflows, updated April 2016
(2) World Bank Bilateral Remittance Matrix 2015
(3) Remittance Prices Worldwide, data collected April 24, 2017 https://remittanceprices.worldbank.org/en/corridor/United-States/India
Ria, a subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT), is a global leader in money remittances. Ria offers fast, secure, affordable money transfers through a network of approximately 321,000 global agents spanning 146 countries and online at www.riamoneytransfer.com. Weizmann Forex Limited – part of the INR 45 billion Weizmann Group, is a public limited company listed with Bombay Stock Exchange and National Stock Exchange since 2011. Paul Merchants Limited (PML), an ISO 9001:2008 certified Company for its quality procedures & processes, is the flagship company of the “PAUL GROUP OF COMPANIES.” Transcorp International Limited is a public limited company listed with the Bombay Stock Exchange; paying yearly dividends to its shareholders for the last 17 years.