What TV doesn't, print can't; we deliver.
What TV doesn't, print can't; we deliver.
This partnership aims to streamline international money transfers directly to the doorsteps of customers in remote areas, addressing longstanding challenges of financial inclusion.
NEW DELHI: India Post Payments Bank (IPPB) has teamed up with Ria Money Transfer, a global leader in cross-border remittances in order to enhance the financial accessibility in rural India.
This partnership aims to streamline international money transfers directly to the doorsteps of customers in remote areas, addressing longstanding challenges of financial inclusion.
The collaboration, announced by IPPB, leverages Ria Money Transfer’s extensive global network to facilitate seamless inward remittances at over 25,000 Post Office locations across India, with plans for expansion to over 100,000 locations. This initiative is poised to benefit rural populations who face limited access to banking services, thereby reducing travel expenses and risks associated with cash handling.
ALSO READ: Foreign interference in Lok Sabha elections 2024
R. Viswesvaran, MD & CEO of IPPB, highlighted the strategic importance of the partnership, stating, “Our aim is to make international money transfers swift and secure for rural families, leveraging the trusted postal network.”
The partnership introduces innovative biometric authentication processes for KYC compliance, ensuring secure and paperless transactions. Ignacio Reid, COO of Ria Money Transfer, emphasised, “We are committed to bridging financial gaps in rural communities through reliable and efficient services. When customers send money from abroad, we aim to make it easy for their family to receive that money.”
With approximately 65% of India’s population residing in rural areas, the demand for accessible financial services is critical. IPPB’s integration with Ria Money Transfer not only facilitates convenient cash withdrawals but also promotes digital literacy among customers, enabling them to manage finances more effectively.
ALSO READ: Man posed as 67-year-old to go to Canada, caught at IGI
The initiative marks a significant step towards enhancing the efficiency and security of financial transactions in underserved regions. Shawn Fielder, CEO of Ria Money Transfer, highlighted, “Our collaboration with IPPB empowers rural communities by providing them with the tools to manage their finances efficiently, fostering economic growth.”
IPPB, established under the Ministry of Communication, Government of India, aims to create a reliable and accessible banking network leveraging the vast postal infrastructure. Launched in 2018, IPPB operates on the principles of India Stack, promoting cashless and paperless banking solutions.
This strategic alliance between IPPB and Ria Money Transfer not only enhances financial inclusion but also underscores India’s commitment to leveraging technology for socio-economic development. The partnership is set to redefine financial services accessibility in rural India, providing a blueprint for inclusive growth through seamless international remittances.
