Ria Money Transfer

Last updated
Ria Money Transfer
Company type Subsidiary
Industry Financial 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
Products Remittance
Revenue$1.18 billion (2020) [1]
$59.7 million (2020) [1]
Number of employees
4000+ (approx.) (2021)
Parent Euronet Worldwide
Website riamoneytransfer.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]

Contents

History

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

Ria Money Transfer App

The Ria Money Transfer App is available 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

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]

Related Research Articles

WebMoney is an online payment settlement system established in Russia in 1998. It is one of the largest electronic payments processors in Russia by number of users, with the company reporting 45 million registered accounts and 300,000 active weekly users in early 2020, and 100,000 stores accepting payments via the system. WebMoney is owned and operated by WM Transfer Ltd.

<span class="mw-page-title-main">Remittance</span> Money transfer by a foreign worker to their home country

A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries.

Safaricom PLC is a listed Kenyan mobile network operator headquartered at Safaricom House in Nairobi, Kenya. It is the largest telecommunications provider in Kenya, and one of the most profitable companies in the East and Central Africa region. The company offers mobile telephony, mobile money transfer, consumer electronics, ecommerce, cloud computing, data, music streaming, and fibre optic services. It is most renowned as the home of M-PESA, a mobile banking SMS-based service.

<span class="mw-page-title-main">Euronet Worldwide</span> Electronic payments company

Euronet Worldwide is an American provider of global electronic payment services with headquarters in Leawood, Kansas. It offers automated teller machines (ATM), point of sale (POS) services, credit/debit card services, currency exchange and other electronic financial services and payments software. Among others, it provides the prepaid subsidiaries Transact, PaySpot, e-pay, Movilcarga, TeleRecarga and ATX.

<span class="mw-page-title-main">M-Pesa</span> Mobile banking service

M-PESA is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan,South Africa and Ethiopia. The rollouts in India, Romania, and Albania were terminated amid low market uptake. M-PESA allows users to deposit, withdraw, transfer money, pay for goods and services, access credit and savings, all with a mobile device.

<span class="mw-page-title-main">ALTO (interbank network)</span>

ALTO is an interbank network in Indonesia. It was founded in August 1993.

<span class="mw-page-title-main">Hormuud Telecom</span> Somalian telecommunications company

Hormuud Telecom Somalia Inc. is a privately held telecommunications company based in Mogadishu, Somalia. It is the largest telecommunication company and largest private-sector employer in the country, and also Somalia's first private enterprise to be internationally ISO certified.

<span class="mw-page-title-main">Xoom Corporation</span> San Francisco-based digital money transfer company

Xoom Corporation is an electronic funds transfer and remittance provider

<span class="mw-page-title-main">Easypaisa</span> Pakistani mobile wallet service

Easypaisa is a Pakistani mobile wallet, mobile payments and branchless banking services provider. It was founded in October 2009 by Telenor Pakistan. It also provides digital payment services through a QR code in partnership with Masterpass and it is the only GSMA mobile money certified service in Pakistan. 

Mobile payments is a mode of payment using mobile phones. Instead of using methods like cash, cheque, and credit card, a customer can use a mobile phone to transfer money or to pay for goods and services. A customer can transfer money or pay for goods and services by sending an SMS, using a Java application over GPRS, a WAP service, over IVR or other mobile communication technologies. In India, this service is bank-led. Customers wishing to avail themselves of this service will have to register with banks which provide this service. Currently, this service is being offered by several major banks and is expected to grow further. Mobile Payment Forum of India (MPFI) is the umbrella organisation which is responsible for deploying mobile payments in India.

Circle began as a peer-to-peer payments technology company that now manages stablecoin USDC, a cryptocurrency the value of which is pegged to the U.S. dollar. It was founded by Jeremy Allaire and Sean Neville in October 2013. Circle is headquartered in Boston, Massachusetts. USDC, the second largest stablecoin worldwide, is designed to hold at or near a stable price of $1. The majority of its stablecoin collateral is held in short-term U.S. government securities.

YooMoney branded as ЮMoney, formerly known as Yandex.Money, is Russia's second largest electronic payment service after "Sberbank Online" according to a 2020 research by Mediascope. It is an online payment service that works with two types of clients — individual users and merchants.

WorldRemit is a digital cross border remittance business that provides international money transfer and remittance services in more than 130 countries and over 70 currencies. It was founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe.

<span class="mw-page-title-main">Qiwi</span> Russian electronic payment service

QIWI plc is a Russian company that provides payment and financial services in Russia and CIS countries. The group includes QIWI payment system, QIWI Bank, CONTACT money transfer system, Factoring PLUS, Flocktory, and RealWeb. The company has representative offices in three countries.

Oxigen Services is an Indian fintech company. It is involved in the micropayment of services and remittances in real time.

Transfast is an international money transfer and cross-border payments company headquartered in New York, with additional offices in India, the UAE, and the Philippines. Transfast is owned by Mastercard.

Merchantrade Asia (Merchantrade) is a Money Services Business (MSB), Digital Payment Service, Micro-insurance and Mobile Virtual Network operator (MVNO), based in Malaysia.

International money transfers made by migrant workers and immigrants sending a portion of their earnings to their families in their country of origin are known as remittances. Remittances are an important aspect of the global economy, totaling an estimated $601 billion (USD) for the year 2015. The United States is currently the largest source of international remittances in the world, sending a total of $148 billion in 2017. Mexico received the largest portion of these remittances, accounting for more than $30 billion USD. making the U.S.-Mexico remittance corridor one of the largest in the world. With the exception of the 2008 global financial crisis, remittances sent from the U.S. have been consistently climbing for the past half century. This major increase in remittances can be partially attributed to the larger population of immigrants and migrant workers, as well as to increasing globalization in the financial and money markets. China and India are also major recipients of U.S. remittances, and are the top two recipients of remittances globally.

<span class="mw-page-title-main">EcoCash</span>

EcoCash, is a mobile phone-based money transfer, financing and microfinancing service, launched in 2011 by Econet Wireless, for its customers in Zimbabwe. The platform has been targeted by the Zimbabwe government. The company's headquarters is in the EcoCash Holdings HQ along Liberation Legacy Road in Borrowdale, a suburb of Harare, the largest city and capital of Zimbabwe.

GCash is a Philippine mobile payments service owned and operated by Globe Fintech Innovations, Inc., and operated by its wholly-owned subsidiary, G-Xchange, Inc.

References

  1. 1 2 3 "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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