EbixCash, a wholly-owned subsidiary of Ebix, supplies international on-demand software and eCommerce services. MoneyGram is an international provider of money transfer services.
"MoneyGram is focusing on diversification by investing in both its digital business and in key international markets such as India," said Alex Holmes, chairman and chief executive officer of MoneyGram. "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."
The strategic partnership will enable MoneyGram to bring enhanced services to millions of consumers across Ebix's 320,000 distribution outlets – 768 districts, 4,000 cities and more than 75,000 villages. The partnership will also increase coverage in rural areas.
EbixCash customers in these locations can tap the MoneyGram platform and receive money from family and friends around the world.
"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,” said Robin Raina, chairman, president and chief executive officer of Ebix. “We see this as a game-changing deal on many fronts for us, and will thus put all of our might behind this partnership.”
MoneyGram provides omnichannel money transfer and payment services that enable friends and family to affordably, reliably and conveniently send money in over 200 countries and territories.
"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 percent share of locations in the country," added Grant Lines, chief revenue officer, MoneyGram.
In November, MoneyGram’s $324.5 million revenue was off by 6.5 percent year on year, missing expectations that sent the stock tumbling. The firm noted that progress is being made in its digital transformation.