US-based money transfer service provider MoneyGram and EbixCash has signed an agreement to tap the Indian market.
EbixCash is an international supplier of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries.
The agreement will allow 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.
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.
Alex Holmes, MoneyGram Chairman and Chief Executive Officer said, “MoneyGram is focusing on diversification by investing in both its digital business and in key international markets such as India.”
EbixCash expects net revenues for EbixCash to be between $20 million to $35 million annually from this partnership once fully rolled out.
Meanwhile, Robin Raina, Ebix Inc. Chairman, President and Chief Executive Officer said, “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.”