News

Euronet subsidiary Ria achieves major expansion in India

July 29, 2014

Ria Money Transfer, a subsidiary of Euronet Worldwide Inc., has announced its expansion in the Indian market with the addition of 17,000 India Post locations through a partnership with Instant Cash.

Instant Cash, a subsidiary of the Emirates Post Group, offers money transfer services through more than 80,000 locations in 60 countries, a news release from Euronet said. 

India represents the world's largest remittance market, receiving about $70 billion in remittances during 2013, according to World Bank numbers cited in the release. 

Remittance recipients in India may now receive funds transferred through Ria at any India Post location in the country. Funds are available within a few hours if sent during Indian banking hours. 

"By partnering with Instant Cash, we can offer consumers more convenience when sending both cash-based and online money transfers to their families in India, while maintaining a competitive price and the high-quality service they expect from Ria," said company president and CEO Juan Bianchi.

On the other hand, said Instant Cash Acting CEO Mohit Davar, the strategic partnership will allow Instant Cash to reach customers in European and North American markets.

"The USA is the largest money transfer market in the world and, with Ria's extensive network in the U.S. and Europe, our postal partners and others will benefit from increased volume from these markets."