IPPB Launches International Money Remittance with Ria Money

New Delhi, Jun 19 (PTI) The India Post Payments Bank (IPPB) has started inward money remittance from overseas to India in partnership with Euronet's Ria Money Transfer, a senior official of IPPB said on Wednesday.

IPPB Managing Director and CEO, R Viswesvaran said the person receiving money will not have to pay any charge for collecting the amount and only sender will have to pay money transfer charge to Ria Money.

"Our mandate is to remove barriers for unbanked and underbanked. We are now starting international inward money transfer service in partnership with Ria Money Transfer at 25,000 locations. It will be gradually scaled up to cover our entire network of over 1.65 lakh locations," Viswesvaran said.

He said receivers of money through this service will have option to draw full money or partial amount based on their choice.

"Receivers will also have option to transfer money into their IPPB account. It is a paperless process. They money can be withdrawn using bio-metric. The service will be delivered at their doorstep through postman and the receivers won't be charged any fee," Viswesvaran said.

Ria Money Transfer's Chief Operating Officer Ignacio Reid said the company has presence in about 200 countries and has 22 per cent market share in the money remittance segment.

"We have been operating in India since last 10 years. With this partnership with IPPB, we expect our locations or touch points in India to grow by about 30 per cent ," Reid said.