Euronet Worldwide subsidiary Ria Money has forged alliance with three agency partners to expand its remittance services in India. Transcorp International, Wiezmann Forex and Paul Merchants are the new partners who have expertise in local market and add value to Ria’s network in India, Ria Money said at an event here to announce the partnerships.
In the next 12 months, Ria will upgrade its cash payout network in the country by adding thousands of high-quality retail and non-banking financial company locations.
“India is the top receiving market for migrant remittances, receiving USD 62.7 billion in 2016. Million of households, mainly rural, are largely dependent on these transfers. Our service and combined network will provide a greater access to customers to receive remittances,” Ria Money Transfer CEO and President Juan Binachi said post- announcement.
The company has a good presence in the gulf region. To provide good service, it is key to have capillarity in the destination market, he added.
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When asked about why the company chose to partner with three entities at a time, Binachi said that to reach to every nook and corner in this country, Ria looked at it strategically and decided to partner with three than a single entity.
The Euronet Worldwide subsidiary had also acquired IME of Malaysia in 2015 that helped it to increase its footprint in South East Asia, adding almost 20,000 new locations. Ria has presence in 146 countries, having almost 3.21 lakh locations under its fold.