Euronet Worldwide chairman and chief executive officer Michael Brown said that the company welcomed partnership with Elektra.
"Elektra has been serving consumers in one of Ria’s key corridors for more than 50 years, and now together we will offer fast, reliable and affordable money transfer services to Mexico," said Brown.
The new deal will enable the firm to utilize more than 1,800 Groupo Elektra payout locations, thus increasing Ria’s payout network in Mexico by 11%.
World Bank estimated that about 12 million Mexican citizens living in the US sent more than $22.7bn in remittances to home in 2011, and this opportunity has opened a new avenue for the firm.
Ria Financial Services manages a global network of 146,000 locations in 136 countries and provides money transfer services, bill payment, mobile top-ups, prepaid debit cards, check cashing and money orders.
Grupo Elektra operates over 2,600 points of sale in Mexico, Brazil, Guatemala, Honduras, Peru, Panama, El Salvador and Argentina and also sells and markets its consumer finance, banking and financial products and services through Banco Azteca branches located in Mexico, Brazil, Panama, Guatemala, Honduras, Peru and El Salvador.
