MoneyGram and EbixCash Sign Exclusive Strategic Agreement to Expand Presence in India

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back

Related stories

Standard Chartered launches digital asset custody service in the UAE

Standard Chartered announced its highly anticipated digital asset custody...

Swift and Wise expand cross-border payment options globally

Swift has partnered with global tech company Wise to...

Wells Fargo expands API portfolio for commercial banking business

Wells Fargo & Company announced the launch of specialized...

EbixCash, a wholly-owned subsidiary of Ebix, Inc. , a leading international supplier of On-Demand software and E-commerce services, together with MoneyGram International, Inc. , a global provider of innovative money transfer services, announced a strategic partnership to bring enhanced services to millions of consumers across India.

Details of the strategic partnership include:

  • MoneyGram has appointed EbixCash as its exclusive partner in India
  • MoneyGram will now be able to reach additional consumers through Ebix’s 320,000 distribution outlets spread across 768 districts, 4,000 cities, and more than 75,000 villages – significantly increasing coverage in rural areas
  • EbixCash customers in these locations can now access the MoneyGram platform to quickly and conveniently receive money from family and friends around the world
  • The strategic partnership aims to service inward remittance volumes of $3 billion annually by targeting remitters in key sending markets outside India

“MoneyGram is focusing on diversification by investing in both its digital business and in key international markets such as India,” said Alex Holmes, MoneyGram Chairman and Chief Executive Officer. “Partnering with the largest financial exchange in the country is an important milestone, and we are excited to enable EbixCash to plug into the MoneyGram platform to access our customer-centric capabilities and services.”

Robin Raina, Ebix Inc. Chairman, President and Chief Executive Officer said, “We are excited with the nature of this strategic partnership which is a win-win for both sides. 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 franchisee network. We see this as a game changing deal on many fronts for us and will thus put all of our might behind this partnership.”

“India remains the world’s top recipient of remittances, and 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,” added Grant Lines, MoneyGram Chief Revenue Officer.

About MoneyGram International, Inc.

MoneyGram is a global leader in omnichannel money transfer and payment services that enables friends and family to affordably, reliably and conveniently send money for life’s daily needs in over 200 countries and territories.

The innovative MoneyGram platform leverages its leading digital and physical network, global financial settlement engine, cloud-based infrastructure with integrated APIs, and its unparalleled compliance program that leads the industry in protecting consumers. For more information, please visit www.moneygram.com

About EbixCash and Ebix, Inc.

With a “Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange , travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $6.5 billion gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year.

With 50+ offices across 6 continents, Ebix, Inc., endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.

Latest stories

Related stories

Standard Chartered launches digital asset custody service in the UAE

Standard Chartered announced its highly anticipated digital asset custody...

Swift and Wise expand cross-border payment options globally

Swift has partnered with global tech company Wise to...

Wells Fargo expands API portfolio for commercial banking business

Wells Fargo & Company announced the launch of specialized...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back