Ria Money Transfer Launches “Gold Standard” Service In India

Ria Money Transfer offering Indian customers chance to win 100 grams of gold.

The country of India is the world’s largest market for receiving migrant remittances. It’s no surprise therefore, that Ria Money Transfer is making a concerted effort to increase market share in the region.

Ria will provide its new Gold Standard service using a network of 3 leading local agents. Weizmann Forex Limited, Paul Merchants Limited and Transcorp International Limited have all agreed to become partners.

Indian customers who use the new service will be eligible to win prizes, in the form of actual gold. These will be either one of 30 gold coins, weighing 30 grams each, or the grand prize; a 100-gram bar of gold.

Altogether, Ria have promised to hand out a kilo of gold prizes during the period between May 23rd-July 31st. The prizes will be distributed from authorised pay-out locations.

India world’s largest market for inbound remittances.

“India is the top receiving market for migrant remittances, receiving $62.7 billion in 2016. We are proud to be the link that connects Indians to their loved ones across the country.”

So says Juan Bianchi, the CEO and President of Ria Money Transfer.

India also has the largest diaspora of any country in the world. A conservative estimate suggests 15.6m Indians are currently living outside their country of birth.

Ria’s partnerships with Weizmann, Paul Merchants and Transcorp will allow the company to add “tens of thousands” of high quality retail and non-banking financial company (NBFC) locations in the region, according to the company’s blog.

All three agents have more than 15 years’ experience within the money transfer sector.

By adding to its “robust and ubiquitous” network across India, the company hopes the new partners will help to increase Ria’s brand recognition in the country.

Gold Standard service launched to celebrate firm’s 30th anniversary

The new “Gold Standard” service was officially unveiled in Mumbai last week, and has been launched in part to celebrate the company’s 30th anniversary.

“I’m confident that our service and combined networks will not only provide greater access for customers to receive remittances, but will also result in a successful partnership for years to come,” concluded Mr Bianchi.

Weizmann Forex Limited Manging Director Mr. Larthikeyan Balasubramanian also commented, “Remittances have emerged as a leading alternative to conventional banking channels. By partnering with a global leader like Ria Money Transfer, we are confident we will address the rising demand for quick, reliable and efficient money transfer services while reaching a wider audience in India and globally.”

Ria was first granted authorization to trade in India by the Reserve Bank of India in 2014. The company secured its Money Transfer Operator Licence under the Money Transfer Service Scheme (MTSS).

$33 billion dollars sent abroad through Ria in 2016

Today, the company offers services in 146 countries, across 321,000 locations. In 2016, Ria’s money transfer segment processed 82.3 million transactions – a 26% CAGR since 2010.

In total, Ria facilitated $33 billion dollars’ worth of international money transfers in 2016.

Euronet & MoneyGram bid

Ria Money Transfer is a subsidiary of Euronet Worldwide, who tried to buy US-based money transfer service MoneyGram earlier this year.

Euronet tried to usurp a bid for MoneyGram from Alibaba-backed Ant Financial, but ultimately the company looks to have been unsuccessful. Ant increased its bid to nearly $1.2 billion, or $18 per share, which has been approved by shareholders. The deal is now awaiting approval from US authorities.