Paysera Partners With Ria Money Transfer, Unlocking Payment Collection In Cash At More Than 500,000 Locations Worldwide

Rhea-AI Summary

Paysera has partnered with Ria Money Transfer, a leader in the cross-border money transfer sector, allowing clients to send money to over 522,000 cash pickup locations in 152 countries, rather than just bank accounts. This service is aimed particularly at migrants in Europe and Ukrainians seeking to send financial support back home. The World Bank projects a 2% growth in remittances to low- and middle-income countries in 2023, totaling $639 billion. By providing cash pickup options, Paysera enhances its market position and offers vital support to individuals without bank accounts.

Positive

• Partnership with Ria Money Transfer expands Paysera's service offerings.
• Access to 522,000 cash pickup locations enhances customer convenience.
• Targeting migrants and individuals without bank accounts aligns with market needs.

Negative

• None.

VILNIUS, Lithuania, March 10, 2023 /PRNewswire/ -- Paysera launches a partnership with Ria Money Transfer, a global leader in the cross-border money transfer industry and business segment of Euronet Worldwide, Inc. (NASDAQ:EEFT) that enables clients to send money not to a bank account but to the nearest Ria cash pickup location. Ria's network includes 522,000 cash pickup locations in 152 countries throughout the world.

 

"Sometimes it's not possible to transfer money to a bank account because the recipient doesn't have a local bank account. For example, in Turkey, a country of 85 million people, 26% of the adult population does not have a bank account. This amounts to 17 million people. It is quite common not to have an account in other parts of the world", says Gintautas Mezetis, CEO of Paysera LT.

"Even if the recipient has an account, it may not be linked to a debit card, the card may have been lost or there may be no ATMs around to withdraw the money. An international transfer from Europe to Asia is sometimes more expensive than an alternative cash pickup transfer. Therefore, there are many situations where cash pickup transfers are useful and necessary," says G. Mezetis.

Paysera anticipates that the new cash pickup transfer service will become appealing to migrants working in developed European countries who send money home to their relatives. Moreover, it is hoped that this service will be of assistance to Ukrainian citizens who temporarily reside in EU countries due to the war and are looking for ways to transfer money back to their home country.

"Remittances sent from relatives working in the EU to their loved ones can make up a significant part of the family budget, supporting their basic needs, such as health, food and education. Partnering with Paysera helps bring more convenience to customers without a bank account to receive financial support sent by relatives working abroad," says Alla Shelest, Regional Director Business Development at Ria.

Currently, cash pickup transfers at Ria service points are available using Paysera's electronic banking, and in the first half of 2023, this type of transfer will also be available on the mobile app.

The World Bank estimates that transfers to low- and middle-income countries will grow 2% in 2023 to 639 billion USD (587 billion EUR). Therefore, by being able to offer cash pickup transfers, Paysera strengthens its position in the market for transfers to developing countries. According to the World Bank, 55% of adults in Albania, Uzbekistan, and Kyrgyzstan do not have a bank account, followed by 45% in Armenia, 36% in Moldova, and 16% in Ukraine.

About Paysera

Paysera is a fintech company that provides fast, convenient, and affordable financial and related services globally. We offer products ranging from a payment gateway for e-shops to money transfers, currency conversion, payment cards, an event ticketing platform, a parcel locker network (to be launched), and a top-notch finance management app. Beginning our journey in 2004 in Vilnius, Lithuania, we are the first licensed e-money institution (EMI) in Lithuania, with 450 people working in 15 different cities worldwide. With over one million app installs and growing, we aim to push the boundaries and become an industry-leading super app that provides financial and lifestyle services across the globe.

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Logo - https://mma.prnewswire.com/media/1955073/Paysera_Logo.jpg

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SOURCE Paysera

FAQ

What is the significance of Paysera's partnership with Ria Money Transfer?

The partnership allows Paysera clients to send money to over 522,000 cash pickup locations globally, enhancing service accessibility.

How many cash pickup locations does Ria Money Transfer have?

Ria Money Transfer has over 522,000 cash pickup locations in 152 countries worldwide.

What market demand does Paysera's new cash pickup service aim to fulfill?

The service aims to cater to migrants in developed European countries and individuals without bank accounts who need to send or receive money.

What financial trend does the World Bank predict for remittances in 2023?

The World Bank estimates that remittances to low- and middle-income countries will grow by 2% in 2023, reaching $639 billion.

When will Paysera's cash pickup service be available on its mobile app?

Paysera anticipates that cash pickup transfers will be available on its mobile app in the first half of 2023.