MoneyGram, Ripple’s on-demand liquidity partner, has signed an exclusive agreement with EbixCash to expand its business in India. As such, it is highly likely that MoneyGram and the Ripple ecosystem are welcoming millions of customers who are cut across 75,000 villages and around 4,000 cities in India.
We’ve recently entered into an agreement with @EbixCash to expand our presence in India making it our exclusive money transfer partner in the country. We will now be able to reach more customers through @EbixCash‘s 320,000 distribution outlets. https://t.co/1SftyEnUV4
— MoneyGram (@MoneyGram) January 13, 2020
The strategic agreement allows Ripple’s partner MoneyGram to expand in India
EbixCash, a financial division of Ebix, is a leading international supplier of On-Demand software and E-commerce services for various businesses. Covering a wide range of fields from E-learning to health, finance, and insurance.
Referring to the reasons for choosing EbixCash, Alex Holmes, President, and CEO of MoneyGram said:
“MoneyGram is focusing on diversifying the size of its company by investing in both digital business in critical international markets like India. Partnership with the most significant financial exchange in the country. is an important milestone, and we are excited to allow EbixCash to dig deeper into the MoneyGram platform to access our customer-centric capabilities and services.”
Alex Holmes, President, and CEO of MoneyGram
Thus, through this partnership, MoneyGram will have the opportunity to reach a large number of new consumers, thanks to consumers courtesy of Ebix’s 320,000 distribution outlets that is spread across 768 districts, 4,000 cities, and over 75,000 villages, purposely to have access to rural dwellers deprived of remittance services.
Moreover, EbixCash customers everywhere can use the MoneyGram platform to send and receive money seamlessly at affordable prices from friends and family in over 200 countries around the world. This strategic partnership aims to serve the amount of $ 3 billion in annual transfers by targeting remitters in major sending markets outside India.
On the side of EbixCash, the company also forecasts net sales of between $ 20 million and $ 35 million a year, thanks to this wonderful partnership.
Holmes said the forecasted future results were part of MoneyGram’s effort to focus on diversification. And they made the right decision when investing in digital business and essential markets like India – the country is one of the world’s leading money transfers.
Although it is not clear that the partnership will use Ripple’s ODL, a money transfer tool using XRP’s services, or not. However, there will be no doubt that MoneyGram exists on Ripple’s remittance solution.
MoneyGram recently said it completed more than $ 100 million in transactions using Ripple’s ODL within six months of working with Ripple.
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