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
About Ria Money Transfer
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. The company is steadfast in its commitment to its customers and remains ingrained within the communities in which they live. For more information visit www.riafinancial.com and www.riamoneytransfer.com.
About Weizmann Forex Limited
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. Weizmann Group has a diversified portfolio focused on Foreign Exchange, International & Domestic Money Transfer, Import and Export Payment Solutions, Tours & Travels, Textile Processing & Exports and Renewable Energy Generation. With its 30 years of Business expertise. A RBI certified Authorised Dealer – Category II, Weizmann Forex which has a strong network of 200+ branches, 54,000+ customer touch points across India and strong agent partnerships for its inward remittances business, has grown exponentially to become a leading player in the Foreign Exchange and Remittance market.
About Paul Merchants Limited
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.” The group is a diversified conglomerate having prominent interests in International Money Transfer, Foreign Exchange, Finance, Satellite TV, and Tours & Travels. Under the aegis of specific RBI Licenses, PML offers International Money Transfer and Forex Services from its widespread network consisting of own offices and Franchisee locations of more than 22,000 across India. PML is amongst leading players in Forex as RBI Licensed Authorized Dealer II. Further, PML is fast emerging name in Tours & Travels having IATA accreditation besides having affiliation with Indian Ministry of Tourism.
About Transcorp International Limited
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. The Reserve Bank of India has entrusted Transcorp with several licenses including MTSS to provide inward money remittances to the families of Indian migrants working abroad. In addition, Transcorp holds the coveted AD2 license which allows it to conduct foreign exchange services as well as outward remittance as per applicable guidelines. Recently, it has received the PPI license and has launched its Transcash digital wallet and soon launching pre-paid cards. Transcorp prides itself on its loyal network of over 7000 retail partners across the country and over 50 own branches. Transcorp works as a banking correspondent at the national level with SBI – India’s largest and most trusted bank. In addition to financial services such as insurance and investments, Transcorp has subsidiaries including Ritco Travels, a holistic travel agency. It has a group company, Transcorp Enterprises Limited which is a RBI licensed money changer and has a venture in Malaysia for remittance and forex.