In a key development in India's FinTech space, EbixCash, the Forex arm of multinational Ebix, Inc. has signed a strategic partnership with MoneyGram International, Inc., a global provider of innovative money transfer services, with the agreement aimed at bringing enhanced digital services to millions of consumers across India.
According to the partnership agreement wherein EbixCash will become MoneyGram's 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. On the other hand, EbixCash customers in these locations can now access the MoneyGram platform to affordably and quickly send or receive money to family and friends across over 200 countries and territories.
Following the announcement, 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 franchise 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.”
Alex Holmes, MoneyGram Chairman and Chief Executive Officer also issued a statement:
“MoneyGram is focusing on diversification by investing in both its digital business and in key international markets such as India. 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.”
Grant Lines, MoneyGram Chief Revenue Officer further spoke about the effects of this partnership on the brand’s market in India,
“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.”
Ebix.Inc leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, Ebix, Inc., provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance solutions to custom software development for all entities involved in the insurance industry. The Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets.
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.
(Image Credit: Twitter/@EbixCash)