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- Paysera and Ria have partnered to facilitate transfer of funds to Ria's network of cash pickup points.
- In addition to the priciness of international money transfers, some people don't have a bank account.
Paysera has launched a partnership with Ria Money Transfer with the aim of facilitating customers to send funds to a Ria cash pickup point as opposed to a typical bank account. Among the targeted customers are those who don’t own a bank account. Besides, international money transfers can be more expensive than the cash pickup option.
As of now, cash pickup transfers at the various Ria service locations can be completed by use of Paysera’s electronic banking. By the end of 2023’s first half, the product is also set to be accessible on its mobile app.
Ria is the second-largest money transfer company in terms of its extensive cash settlement networks. Besides, it has the largest direct deposit network in the world. Its network comprises 522,000 cash pickup points spread across 152 nations.
With regard to the partnership, Paysera’s CEO, Gintautas Mezetis acknowledged that “there are many situations where cash pickup transfers are useful and necessary”. He gave examples of regions where a significant portion of the adult population is without a bank account. Besides, the recipient of funds may be in a situation where they lack access to an ATM or have no debit card.
As such, Paysera is optimistic that the collaboration will be attractive to migrants living and working in developed European nations. This includes the Ukrainians who are temporarily living within the EU and need to support their family and friends back home.
Interestingly, the partnership between Paysera and Ria comes about a day after the latter announced its partnership with ACLEDA Bank in Cambodia. Evidently, the money transfer company is keen on availing affordable, easily accessible, and secure services to its customers in different parts of the world.
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