Moneygram inks deal with EbixCash to bring enhanced services for consumers across India
MoneyGram, a money remittance service provider has inked a deal with EbixCash, to bring enhanced services for consumers across India. EbixCash has services such as domestic and international money remittance, foreign exchange and pre-paid and gift cards. It has around 80% share of locations in the country.
The partnership will help MoneyGram to reach additional consumers through Ebix's 320,000 distribution outlets spread across 768 districts, 4,000 cities, and more than 75,000 villages giving them a large coverage in rural areas.
Moneygram aims to bring inward remittance volumes of $3 billion annually to India through this partnership.
"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," said Alex Holmes, MoneyGram Chairman and Chief Executive Officer.
EbixCash expects net revenues for EbixCash to be between $20 million to $35 million annually from this partnership once fully rolled out.
"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," said Robin Raina, Ebix Inc. Chairman, President and Chief Executive Officer.