Ria adds three principal agents and launches ‘gold standard’ Indian payout network

India is the number one remittance receiving country in the world, receiving $62.7 billion in 2016. The Indian diaspora is also the largest in the world, with approximately 15.6 million living outside their country of birth – although these estimates are still considered to be on the low side.

At a press event in Dubai, UAE, then later in Mumbai, India, Ria announced that it was upgrading its Indian cash payout network, by partnering with three leading agents – Paul Merchants Limited, Weizmann Forex Limited and Transcorp International Limited. During the next 12 months, Ria will expand its cash payout network by adding tens of thousands of high-quality retail and non-banking financial company (NBFC) locations.

Senior members from Ria, including President & CEO Juan Bianchi (third from left) held a press conference in Dubai to announce the partnership with three new principal agents. 

Ria’s new principal agents are well-recognized in India and all have more than 15 years’ experience in the money transfer sector. Their expertise in the local market will add value to Ria’s robust and ubiquitous network, providing increased brand recognition across India, plus tremendous convenience and accessibility for beneficiaries to easily receive cash remittances.

In Mumbai, Ria also announced the commencement of its global campaign – a new ‘gold standard’ money transfer service that offers beneficiaries in India the chance to win pure gold prizes. As a nod to Ria’s 30th Anniversary, customers who access Ria’s cash payout service in India will automatically be eligible to win one of 30 gold coins weighing 30 grams, or the bumper prize weighing 100 grams. The company will offer 1kg of gold prizes, between May 23 and July 31*, at any authorized payout location.

Speaking at the launch event, Mr. Juan Bianchi, CEO & President of Ria Money Transfer, said: “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.

“India is the top receiving market for migrant remittances, receiving $62.7 billion in 2016. Millions of households, predominantly rural, are largely dependent on these transfers for family maintenance, savings and investment.  I’m confident that our service and combined networks will not only provide greater access for customers to receive remittances, but will also result in a successful partnership for years to come,” concluded Bianchi.

Senior Ria officials are pictured with senior member from principal agents, Paul Merchants Limited, Weizmann Forex Limited and Transcorp International Limited. All agents have more than 15 years’ experience in the money transfer sector in India. 

Mr. S Paul, Chairman and Managing Director of Paul Merchants Limited, added, “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.”

Mr. Ashok Kumar Agarwal, Director of Transcorp International Limited, explained, “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.”

Mr. Karthikeyan Balasubramanian, Managing Director of Weizmann Forex Limited, said, “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.”

In Dubai, UAE, Ria 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. Following the 2015 acquisition of leading Malaysian money transfer company, IME, Ria has increased its footprint in South East Asia, adding almost 20,000 new locations to its network.

Ria 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 riamoneytransfer.com and 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.

In addition to cash pick-up, Ria also offers bank deposit services which allow customers to transfer money to any bank account in India.

*for full terms and conditions, see the Legal section of www.riafinancial.com