Ria Money aims to up share in inward remittances

World's third largest money transfer company Ria Money Transfer today said it is aiming to increase its share in the inward remittances market to over 10 per cent in the next five years through partnerships.
"We entered the Indian market in 2003, but our market share is too low. We are targeting to take it into the double digits in the next 3-5 years," its chief executive and president, Juan Bianchi, said.
Bianchi added that the company is trying to replicate its international experience, wherein it has increased its share in emerging markets to double digit percentage points over a medium term.

He said the company has tied up with three players --- Weizmann Forex, Paul Merchants and Transcorp International -- to take care of the crucial distribution side and is looking for more such tie-ups.
The three tie-ups which were announced today have the potential to double the overall points of presence for the company in the six months, up from the present 22,000, he said.
The company is also looking at tie-ups with newer kind of financial institutions like the payments banks in order to increase its outreach.

With a vast diaspora, India is the biggest remittance market in the world and has been witnessing over USD 70 billion of yearly inflows over the last few fiscals.

Bianchi said his company is not concerned about the global worries like the depressed oil prices and growing protectionism, saying the migrations continue despite it.
He termed India as a strategic market where it wants to build in-roads and conceded that the cost of distribution is high in the market.
However, he exuded confidence that the company will continue to serve people at 15-20 per cent lower costs without compromising on its margins.