MoneyGram which was on the limelight with Ripple’s partnership is eyeing to tap the potential Indian payment industry. Per the latest report, MoneyGram inked a partnership deal with EbixCash, a wholly-owned subsidiary of Ebix.Inc.
MoneyGram To Expand Money Transfer Services in India
According to the reports, Ebix Inc is an international supplier of on-demand software and e-commerce services to several industries – Insurance, healthcare, e-learning, finance to name a few. MoneyGram is an international money transfer firm whereas EbixCash offers domestic as well as international money remittance, foreign exchange and pre-paid, gift cards to customers spread across 80 percent region of India.
However, with the motive of offering enhanced services for customers in India, MoneyGram signed a partnership deal with EbixCash. Following the partnership deal, MoneyGram will be able to reach as many Indian users as Ebix currently serves. The joint press release from both the companies mentioned that Ebix boasts its services across 320,000 distribution outlets which spread across 768 districts, 4000 cities, and over 75,000 villages, covering large rural areas of the country.
What’s more interesting about this partnership is that the largest international payment transfer entity, MoneyGram seeks to bring ‘inward remittance volumes of $3 billion every year to India’.
Following the agreement, Alex Holmes, MoneyGram Chairman and Chief Executive Officer said that;
“MoneyGram is focusing on diversification by investing in both its digital business and in key international markets such as India. We are excited to enable EbixCash to plug into the MoneyGram platform to access our customer-centric capabilities and services,”
On the other side, EbixCash expects its revenue out of this partnership between $20 million to $30 million annually. This being said, Robin Raina, Chairman, President, and Chief Executive Officer at Ebix Inc stated;
“Being a master agent for MoneyGram, our interests will now be perfectly aligned to ensure that MoneyGram’s reach is spread across the length and breadth of India through our strong franchise network. We see this as a game-changing deal,”
In a nutshell, Grant Lines who is MoneyGram’s Chief Revenue officer expressed his excitement in expanding MoneyGram in India. He mentioned that Indian remains the world’s top recipient of remittances and continued;
We’re excited to better serve this critical market through our partnership with EbixCash, a leading brand with an approximate 80% share of locations in the country,”