EbixCash, a wholly-owned subsidiary of Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, together with MoneyGram International, Inc. (NASDAQ: MGI), 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 chose 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 affordably and quickly send or receive money to family and friends across over 200 countries and territories
- The strategic partnership aims to service inward remittance volumes of $3 Billion annually by targeting remitters in key sending markets outside India
- EbixCash expects net revenues for EbixCash to be between $20 million to $35 million annually from this partnership once fully rolled out.
“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 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.”
“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.