India Post Payments Bank entered into a partnership with Ria Money Transfer to provide customers in remote areas across India with convenient and affordable doorstep financial services.
India Post Payments Bank (IPPB) is a division of India Post, the world’s largest postal network. IIPB is licensed by Reserve Bank of India to run a payments bank.
Ria Money Transfer (Ria) is a subsidiary of Euronet Worldwide Inc. and specialises in money remittances. It has become the second largest money transfer service provide globally.
Majority of India’s population lives in rural areas with limited financial infrastructure. To withdraw their international inward remittance money, they have to face many hardship ranging from travel to long distance, exposure to risk associated with cash in transit and many more.
This partnership between IIPB and Ria will increase people’s access to banking service at their doorstep. Also, it would provide facility to withdraw only to the extent they need immediately.
By this partnership, International Inward Money Remittance will become available at more than 25,000 Post Offices with a reach to over 1,00,000 locations through the Post Offices.
In addition, IPPB & Ria are leveraging current technology and infrastructure, like verified biometric authentication for customers’ KYC (Know Your Customer) without the need of showing any physical ID to collect remittances and digital transaction confirmation with a paperless receipt, to revolutionize the money transfer process. Both entities are enhancing the customer experience by streamlining the process of receiving remittances through a secure, paperless journey, ensuring compliance with regulatory highest standards and bolstering security measures.
