New Delhi, India Post Payments Bank (IPPB) has started sending money to India from abroad in partnership with Euronet's Riya Money Transfer, a senior IPPB official said on Wednesday.
R Visvesvaran, managing director and CEO of IPPB, said the recipient of the money will not have to pay any fee to collect the amount and only the sender will have to pay the money transfer fee to Riya Money.
Visvesvaran said, “Our work is to remove barriers for the unbanked and underbanked. We are now launching the international inward money transfer service across 25,000 locations in partnership with Riya Money Transfer. This will be gradually expanded to cover our entire network of over 1.65 lakh locations." Said.
He said that those receiving money through this service will have the option to withdraw the full amount or partial amount depending on their choice.
"Receivers will also have the option to transfer money to their IPPB account. It is a paperless process. They can withdraw money using bio-metrics. The service will be delivered to their doorstep through postman and no charges will be charged to the receivers Will not be taken,” Visvesvaran said.
Ignacio Reid, chief operating officer of Ria Money Transfer, said the company has a presence in nearly 200 countries and has a 22 percent market share in the remittance segment.
"We have been operating in India for the last 10 years. With this partnership with IPPB, we expect to grow our locations or contact points in India by approximately 30 percent," Reed said.
R Visvesvaran, managing director and CEO of IPPB, said the recipient of the money will not have to pay any fee to collect the amount and only the sender will have to pay the money transfer fee to Riya Money.
Visvesvaran said, “Our work is to remove barriers for the unbanked and underbanked. We are now launching the international inward money transfer service across 25,000 locations in partnership with Riya Money Transfer. This will be gradually expanded to cover our entire network of over 1.65 lakh locations." Said.
He said that those receiving money through this service will have the option to withdraw the full amount or partial amount depending on their choice.
"Receivers will also have the option to transfer money to their IPPB account. It is a paperless process. They can withdraw money using bio-metrics. The service will be delivered to their doorstep through postman and no charges will be charged to the receivers Will not be taken,” Visvesvaran said.
Ignacio Reid, chief operating officer of Ria Money Transfer, said the company has a presence in nearly 200 countries and has a 22 percent market share in the remittance segment.
"We have been operating in India for the last 10 years. With this partnership with IPPB, we expect to grow our locations or contact points in India by approximately 30 percent," Reed said.
