To facilitate money transfers for people without bank accounts, Paysera has partnered with Ria Money Transfer.
The alliance, which was announced on Friday, March 10, enables customers to send money to 522,000 Ria cash pickup locations worldwide.
“Sometimes it’s not possible to transfer money to a bank account since the recipient doesn’t have a local bank account,” Gintautas Mezetis, CEO of Lithuania-based Paysera, stated in a news release.
“For instance, 26% of the adult population in Turkey, a nation of 85 million, lacks a bank account. There are 17 million individuals in all. Not having an account in other countries is extremely common.
Moreover, Mezetis said that even if the recipient has a bank account, they could not have access to a debit card or an ATM. Moreover, overseas transfers might occasionally cost more than cash pickups.
The company anticipates that both immigrants working in Europe who want to send money home to their family and Ukrainian citizens living in the EU who are escaping the Russian invasion of their country would find interest in the transfer service.
As the regional director of business development for Ria, Alla Shelest noted, “remittances received from relatives working in the EU to their loved ones might make up a considerable portion of the family budget, supporting their fundamental necessities, such as health, food, and education.
Jose Ivars-Lopez, the U.K. and Ireland country manager for Ria, explained to PYMNTS how this phenomena occurs and how delays in these transactions may be devastating for those who are on the receiving end.
He claimed that as a result of people being able to save roughly 30% more of their income by working from home during the epidemic, demand for money transfer services increased in nations like the U.K., where there is a sizable migrant community.
For a global organisation like Ria, Ivars, the high migrant population and the diversity of racial and ethnic backgrounds continue to make “an great mix.”
“Sending money to a specific country is pretty [simple] for one firm to do, but when you are a global player like Ria and you can cover 155+ countries and territories across the world, that’s a huge value for our consumers,” he told PYMNTS.
Ivars-Lopez noted that Ria has modernised its operations and made it simple for customers to send funds in a reasonably short length of time in order to encourage customer loyalty and stay competitive in the hectic remittance industry. The business has also made investments in nonbank payment venues such local shops, mini-grocery stores, and supermarkets all around the world.