india Post Ria Money Transfer join forces: India Post Payments Bank (IPPB) has announced a partnership with Ria Money Transfer, a global leader in cross-border money transfers and a segment of Euronet Worldwide, Inc.
This collaboration aims to provide customers in remote areas of India with convenient and affordable doorstep financial services. With 65 per cent of India’s population living in rural areas with limited financial infrastructure, this partnership will significantly enhance access to banking services.
Currently, many rural families have to travel long distances to withdraw international remittance money, resulting in loss of wages, travel expenses, and risks associated with cash in transit or storage at home.
By allowing people to withdraw only the amount they need, the IPPB and Ria aim to alleviate these challenges, fostering true financial inclusion and promoting long-term economic growth.
The International Inward Money Transfer service will be made available at over 25,000 Post Office locations immediately, with an expected expansion to over 100,000 locations.
This initiative leverages IPPB’s extensive postal network and Ria’s global reach, ensuring that customers across India benefit from fast, convenient, and safe doorstep services. Shri R Viswesvaran, MD and CEO of IPPB, emphasized the importance of this service for rural families who rely on remittances for essential needs such as education, healthcare, and daily living expenses.
By making international money transfers more accessible, affordable, and reliable, this service bridges a critical gap, connecting families with their loved ones abroad seamlessly and securely.
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IPPB and Ria are utilizing current technology and infrastructure, including verified biometric authentication for customers’ KYC (Know Your Customer) without the need for physical ID and digital transaction confirmation with a paperless receipt.
This modernization ensures a secure, paperless process for receiving remittances, complying with the highest regulatory standards and enhancing security measures. Shawn Fielder, CEO of Ria Money Transfer, highlighted that for rural communities, secure and convenient money transfer services mean much more than just receiving funds; they provide economic opportunities and a chance for a better life. Ignacio Reid, Ria’s COO, added that the partnership allows both companies to leverage their strengths to provide innovative solutions to customers across India.
This partnership underscores the shared commitment of IPPB and Ria to service excellence, leveraging their network capabilities to drive positive change in the remittance industry. Both companies are confident that this collaboration will yield significant benefits for all stakeholders.
India Post Payments Bank, established under the Department of Posts, Ministry of Communication, and wholly owned by the Government of India, aims to be the most accessible, affordable, and trusted bank for the common man.
Launched on September 1, 2018, IPPB’s mission is to remove barriers for the unbanked and underbanked, reaching the last mile using the extensive postal network comprising over 161,000 Post Offices, 143,000 of which are in rural areas, and 190,000+ postal employees. IPPB’s operating model is built on the key pillars of India Stack, enabling paperless, cashless, and presence-less banking at the customer’s doorstep through a CBS-integrated smartphone and biometric device.
Ria Money Transfer, a segment of Euronet, offers innovative financial services including fast, secure, and affordable global money transfers. With the second most extensive cash settlement network and the largest direct bank deposit network in the world, Ria bridges the gap between digital and physical transactions.
Ria’s global infrastructure, powered by the Dandelion real-time cross-border payments network, facilitates financial access and promotes economic growth by opening new market opportunities.
