MoneyGram has partnered with EbixCash, a wholly-owned subsidiary of Ebix, to bolster its money transfer services in India.
The collaboration will enable MoneyGram to leverage Ebix’s local distribution network to reach additional customers. Ebix has 320,000 distribution outlets in the country that will help MoneyGram to expand its coverage in rural areas.
Furthermore, all EbixCash customers in India can access the MoneyGram platform to receive remittances.
The agreement has made EbixCash MoneyGram’s exclusive partner in India.
MoneyGram chairman and CEO Alex Holmes said: “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.”
Ebix chairman, president and CEO Robin Raina 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.”
EbixCash operates as an end-to-end financial exchange with a service portfolio including money remittance, foreign exchange, pre-paid and gift cards among others.
Notably, MoneyGram received $50m investment from Ripple in November last year.