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EbixCash and MoneyGram ink deal to expand presence in India; aim $3 bn inward remittance volume

EbixCash is a wholly-owned subsidiary of Ebix, Inc, an international supplier of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries

January 13, 2020 / 05:03 PM IST
Representative image

Representative image

MoneyGram, a money remittance service provider, has signed an agreement with EbixCash, to bring enhanced services for consumers across India, a joint press release from both the companies said.

EbixCash, which provides services such as domestic and international money remittance, foreign exchange and, pre-paid and gift cards, has around 80 percent share of locations in the country.

With this partnership, MoneyGram will 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 giving them a large coverage in rural areas, the release said.

Moneygram aims to bring inward remittance volumes of $3 billion annually to India through this partnership.