IPPB Partners with Ria Money Transfer to Expand Financial Access in Rural India

In India, where 65% of the population resides in rural areas with limited financial infrastructure, accessing international inward remittances often poses challenges.

India Post Payments Bank (IPPB) has announced a strategic partnership with Ria Money Transfer (Ria), a global leader in cross-border money transfers and a business segment of Euronet Worldwide, Inc. This collaboration aims to enhance financial inclusion in rural areas across India by providing convenient and affordable doorstep financial services.

In India, where 65% of the population resides in rural areas with limited financial infrastructure, accessing international inward remittances often poses challenges. Families may need to travel long distances to withdraw remittance funds, incurring expenses and facing risks associated with cash handling. IPPB and Ria’s partnership seeks to mitigate these challenges by offering banking services at doorstep locations, allowing customers to withdraw funds as needed, thereby promoting financial inclusion and supporting long-term economic growth.

The partnership will initially make International Inward Money Transfer services available at more than 25,000 Post Office locations, with plans to expand to over 100,000 locations through India’s extensive postal network. By leveraging IPPB’s reach and trusted service within the world’s largest postal network and combining it with Ria’s global network and diverse product offerings, customers across India will benefit from fast, convenient, and secure remittance services.

According to Shri R Viswesvaran, MD & CEO of IPPB, "Rural India represents the heart of our nation, and for many rural families, receiving remittances from abroad is crucial for supporting education, healthcare, and daily expenses. With IPPB’s extensive network and reliable service, we aim to make international inward money transfers more accessible and affordable for rural customers. This initiative bridges a significant gap, enabling families and communities to connect with their loved ones abroad seamlessly and securely."

IPPB and Ria are utilizing advanced technology and infrastructure, such as biometric authentication for KYC (Know Your Customer) without the need for physical IDs, and digital transaction confirmations with paperless receipts, to streamline the remittance process. These innovations aim to enhance customer experience, ensure compliance with regulatory standards, and strengthen security measures.

Mr. Shawn Fielder, CEO of Ria Money Transfer, emphasized the importance of these services for rural communities, stating, "Choosing a money transfer provider is a decision that involves trust, especially for rural customers relying on secure and convenient remittance services. Ria’s partnership with IPPB opens economic opportunities for diverse rural communities, enhancing their everyday lives."

Mr. Ignacio Reid, COO of Ria, highlighted the collaborative strength of the partnership, stating, "This collaboration between Ria and IPPB allows us to leverage our combined strengths to deliver innovative solutions to customers across India."

The partnership between IPPB and Ria underscores their shared commitment to service excellence and leveraging network capabilities to drive positive change in the remittance industry. Both companies are optimistic that this collaboration will bring significant benefits to stakeholders across India.