IPPB ties with Ria Money Transfer to set up 25,000 centres; eyes Southern states for international remittance

  • With this partnership, India Post Payments Bank will ensure doorstep delivery of cash to its rural customers through a network of 25,000 post office sbranches.

Sudeshna Ghoshal
Published19 Jun 2024, 10:15 PM IST
The move aims to expand IPPB's digital payment channels to serve its 90 million customers. (Mint)
The move aims to expand IPPB’s digital payment channels to serve its 90 million customers. (Mint)

India Post Payments Bank (IPPB) on Wednesday announced a partnership with Ria Money Transfer to facilitate international remittances, particularly for rural customers. The service will include doorstep cash delivery.

The collaboration with Ria Money, which is part of Euronet Worldwide Inc., will enable international inward money transfer services at over 25,000 post offices with immediate effect. IPPB plans to expand the services to over 100,000 locations owned by India Post.

“Punjab, Tamil Nadu, Kerala, Uttar Pradesh, Bihar, Karnataka, Andhra Pradesh, and Haryana, are the top states we are looking at,” J. Emil Ruban, senior regional director, India and South Asia, Ria Money Transfer, told Mint

Also Read: Why Airtel Payments Bank is happy to play second fiddle

Around 50-60% of the new centers would be set up in these states, he added. The move aims to expand IPPB's digital payment channels to serve its 90 million customers.

IPPB expansion

Transactions by IPPB customers have increased tenfold to 10 million per day over the past three and a half years, with 80-90% of these transactions serving its rural customer base, and 5-10% catering to semi-urban areas. According to IPPB data, Singapore and Malaysia are the top countries for remittances to India.

“UPI has been taken for granted. Not everyone is comfortable with it. If someone in the family works abroad and needs to send money, can we deliver it quickly to their doorstep?” said R.Viswesvaran, managing director and chief executive officer, IPPB .

Also Read: Paytm, its payments bank employees seek greener pastures

"So, we worked out and we have ensured that the tieup is to the extent that within minutes the money is being sent from abroad, from 15 countries that typically send money to India, the money would be available at the doorstep or near the doorstep, through a nearby post office or the postman to the customers just by authenticating it through biometric," he added.

To ensure paperless doorstep delivery of remittances to customers, Ria Money Transfer and IPPB are training postmen using modules on using biometric systems. 

“Postmen play a very important role. They are familiar with the households. They know which household has money coming in from abroad, and that makes it easier,” Ruban said.

Also Read | PIB Fact Check exposes fake India Post SMS scam: How to stay safe online

 

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First Published:19 Jun 2024, 10:15 PM IST
HomeCompaniesNewsIPPB ties with Ria Money Transfer to set up 25,000 centres; eyes Southern states for international remittance

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