IPPB ties with Riya Money Transfer to set up 25,000 centres; eyes Southern states for international remittance
Mint. Around 50-60% of the new centers would be set up in these states, he added. The move aims to expand IPPB's digital payment channels to serve its 90 million customers.Transactions by IPPB customers have increased tenfold to 10 million per day over the past three and a half years, with 80-90% of these transactions serving its rural customer base, and 5-10% catering to semi-urban areas.
According to IPPB data, Singapore and Malaysia are the top countries for remittances to India.“UPI has been taken for granted. Not everyone is comfortable with it. If someone in the family works abroad and needs to send money, can we deliver it quickly to their doorstep?" said R.
Visvesvaran, managing director and chief executive officer, IPPB ."So, now we will ensure that within minutes, money can be sent abroad to about 15 countries that typically send remittances to India. Customers can receive the money at their doorstep, or nearby through a post office, or postman, authenticated simply by biometrics," he added.To ensure paperless doorstep delivery of remittances to customers, Ria Money Transfer and IPPB are training postmen using modules on using biometric systems. “Postmen play a very important role.
They are familiar with the households. They know which household has money coming in from abroad, and that makes it easier," Ruban said. Milestone Alert!
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