Lithuania-based fintech firm Paysera has forged an alliance with Ria Money Transfer to help clients without any bank accounts to easily send and receive money across the globe.
Ria Money Transfer is a cross-border money transfer unit of Euronet Worldwide.
The tie-up will allow consumers to transfer money to Ria’s existing network of 522,000 cash pickup locations, which are available in 152 countries worldwide.
The cash pickup transfer service can be accessed through Paysera’s electronic banking platform, with plan to expand the facility to mobile app by the first half of this year.
Paysera LT CEO Gintautas Mezetis said: “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.
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“This amounts to 17 million people. It is quite common not to have an account in other parts of the world.”
The new cash pickup transfer service is aimed at migrant workers in the developed European countries and the Ukrainian citizens, who are temporarily living in EU nations because of the war, Paysera said.
Ria Money Transfer business development regional director Alla Shelest said: “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.”
The latest development comes after Paysera reportedly initiated process to limit its payment services in Russia in connection with the country’s invasion of Ukraine.