With this strategic 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 - significantly increasing coverage in rural areas..
EbixCash customers in these locations will now be able to access the MoneyGram platform to affordably and quickly send or receive money to family and friends across over 200 countries and territories.
The release also announced that this deal also aims to service inward remittance volumes of $3 billion annually by targeting remitters in key sending markets outside India.
"MoneyGram is focusing on diversification by investing in both its digital business and in key international markets such as India. We are excited to enable EbixCash to plug into the MoneyGram platform to access our customer-centric capabilities and services," said Alex Holmes, MoneyGram Chairman and Chief Executive Officer.
EbixCash expects net revenues to be between $20 million to $35 million annually from this partnership once fully rolled out.
"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," said Robin Raina, Ebix Inc. Chairman, President and Chief Executive Officer.