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Ria Money Transfer

From Wikipedia, the free encyclopedia
Ria Money Transfer
Company typeSubsidiary
IndustryFinancial services
Electronic funds transfer
Founded1987; 37 years ago (1987)
Headquarters
Buena Park, California
,
United States
Key people
Juan Bianchi
CEO Euronet’s Money Transfer Segment
ProductsRemittance
Revenue$1.18 billion (2020)[1]
$59.7 million (2020)[1]
Number of employees
4000+ (approx.) (2021)
ParentEuronet Worldwide
Websiteriamoneytransfer.com

Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc., which specializes in money remittances.[2][3][4] Ria initiates transfers through a network of agents and company-owned stores located throughout North America, South America, Europe, Asia-Pacific, Africa, and online. Ria is one of the big four remittance companies.[5]

History

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Ria has grown to become the second largest money transfer service in the world.[6]

In 2006, Ria was acquired by Euronet Worldwide, Inc., becoming part of its money transfer segment together with XE.[7]

Ria began working with post offices in 2010 and on July 31, 2014, partnered with Postbank, which is owned by the Kenyan government.[8] This allowed customers to send money through any of the bank's 99 branches, or receive it directly into their accounts.[9]

In 2014, the company launched Walmart-2-Walmart Powered by Ria, a Walmart money transfer service within the US.[10] The service allows customers to transfer money to and from more than 4,600[11] stores at competitive prices.[12]

In 2015, Ria acquired Malaysia based money transfer provider IME.[13]

In 2016, the company expanded its relationship with Walmart to Latin America and partnered with Walmart Chile to offer money transfer services through selected Líder brand supermarkets.[14] In 2019, Ria and Walmart partnered with Paypal’s Xoom to introduce domestic money transfer services. Xoom expanded to 60 countries in the deal with Ria.[15]

As of 2020, Ria’s money transfer services are available at over 470,000 locations in 159 countries, online, and through their app.[1]

Ria continues to expand into Latin America with the support of a joint venture between parent company Euronet and Spain's Prosegur Cash.[16]

The Central Bank of Nigeria listed Ria as one of their approved international money transfer operators for diaspora remittances in March 2021.[17] First Bank of Nigeria also works with Ria to bring remittances into the country.[18]

During the COVID-19 pandemic, the World Bank released a report detailing the importance of remittances to provide a critical lifeline for vulnerable populations.[19][20]

Ria has international presence as a key company for sending remittances in Belarus[21] and as one of the companies that pays the most for sending remittances from the US to Mexico.[22]

Products and services

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Ria Money Transfer App

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The Ria Money Transfer App is available on Android and iOS in the United States, Canada, and in most countries in Europe. With over 1,000,000 downloads, the app allows customers to send money through Ria’s global network.[23][24]

Mobile Money

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Customers can send and receive money through Ria Money Transfer’s mobile wallet network. Sub-Saharan Africa is the region with the highest remittance costs, but it’s also the most developed when it comes to mobile wallets. In a partnership with Gambia's mobile money platform Qmoney, Ria customers can make fund transfers to Qmoney customers using their mobile phones.[25]

References

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  1. ^ a b c "0001213900-21-010724 - 10-K - Euronet Worldwide, Inc". ir.euronetworldwide.com. Retrieved 2021-02-24.
  2. ^ Webber, Daniel. "The Payments Sector Is Doing Deals Again: Will PayPal Or A Fintech Move Next". Forbes. Retrieved 2021-03-30.
  3. ^ "Remittances: CBN releases list of approved money transfer operators". 2021-03-22. Retrieved 2021-03-30.
  4. ^ "Emirates 24-7:UAE's Instant Cash ties up with Ria Money Transfer of US". Emirates24|7. 13 August 2014. Retrieved 4 Nov 2014.
  5. ^ Webber, Daniel. "From Western Union To MoneyGram, Remittances Defied The Pandemic – And Came Back Stronger". Forbes. Retrieved 2021-09-10.
  6. ^ "Ria Money Transfer Service: About". Retrieved 4 Nov 2014.
  7. ^ "Cards vs cash: Big boys vs the little guys". Digital News Asia. 2016-04-05. Retrieved 2021-08-02.
  8. ^ "Entry of a new global player to heat up competition in UAE's money transfer business". gulfnews.com. 21 May 2017. Retrieved 2021-03-31.
  9. ^ "Ria Money Transfer and Postbank Kenya sign deal to boost remittance flows". 30 August 2014. Retrieved 4 Nov 2014.
  10. ^ Stewart, John. "Xoom Turns to Euronet's Ria And Walmart to Enable Cash Transfers in the United States". Digital Transactions. Retrieved 2021-08-02.
  11. ^ "Our Locations". corporate.walmart.com. Retrieved 2016-12-21.
  12. ^ "CNBC: Wal-Mart launching money transfer service". CNBC. 17 April 2014. Retrieved 5 Nov 2014.
  13. ^ ZAINUL, INTAN FARHANA. "Telcos make inroads in remittance". The Star. Retrieved 2021-08-02.
  14. ^ Garcia, Kris. "Walmart Chile en alianza con firma extranjera para obtener remesas de dinero | América Retail" (in Spanish). Retrieved 2021-08-02.
  15. ^ Woodward, Kevin. "PayPal's Xoom Adds 32 European Markets". Digital Transactions. Retrieved 2021-09-10.
  16. ^ "Euronet (EEFT) Forms JV, Boosts Latin America Presence".
  17. ^ "Remittances: CBN releases list of approved money transfer operators". 2021-03-22. Retrieved 2021-04-09.
  18. ^ "First Bank Increase Network of International Money Transfer Operators". THISDAYLIVE. 2021-09-20. Retrieved 2021-09-29.
  19. ^ "Bridging gaps in remittances with new solutions". The Guardian Nigeria News - Nigeria and World News. 2021-06-07. Retrieved 2021-08-02.
  20. ^ "Driving Remittance Flows in Africa". THISDAYLIVE. 2021-05-18. Retrieved 2021-08-02.
  21. ^ "For the first quarter of 2021, Belarusians sent abroad transfers for $ 50 million". Blizko.by. Retrieved 2021-09-29.
  22. ^ marca (2021-02-09). "Profeco points out Ulink and Ria Money Transfer as the best money transfer options in 2020". Diario Marca (in Spanish). Retrieved 2021-09-29.
  23. ^ "Ria Money Transfer Review, Ratings, Fees 2021". ExchangeRateIQ. Retrieved 2021-09-29.
  24. ^ Ray, Atmadip. "Paytm becomes India's first platform to accept international remittances directly into digital wallet". The Economic Times. Retrieved 2021-09-29.
  25. ^ "'CBG secure $535M on remittances' - The Point". thepoint.gm. Retrieved 2021-09-22.
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