Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Monday it has formed a new partnership with EbixCash, an international supplier of on-demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, to bring enhanced services to millions of consumers across India.
Through the partnership, 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, which is an increased 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 also aims to service inward remittance volumes of $3 Billion annually by targeting remitters in key sending markets outside India.
While sharing more details about the partnership, Alex Holmes, MoneyGram Chairman and CEO, stated:
“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.”
Robin Raina, Ebix Inc. Chairman, President and CEO, added:
“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 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.”