Money & Banking

MoneyGram aims to become leader in cross-border payment services

KR Srivats New Delhi | Updated on January 23, 2020 Published on January 23, 2020

Sees recent exclusive partnership with EbixCash help fulfil this ambition in India

MoneyGram International, a global provider of money transfer services, is aspiring to be the market leader in cross-border payment services in India and the recent strategic partnership with EbixCash is expected to help fulfil this ambition, Alex Holmes, Chairman and CEO, said.

With EbixCash now as its exclusive partner in India, MoneyGram can scale its touch points and solve for the last mile problem that had impeded its growth in the country, Holmes told BusinessLine.

“We want to be the largest cross-border remittance player in India. MoneyGram already has 35,000 touch points in India. Our aim will be to grow it ten times with this partnership,” Homes said.

India remains the world’s top recipient of remittances.

Robin Raina, Ebix Inc Chairman, President and Chief Executive Officer, said that over the next 90 days EbixCash would like to take the number of MoneyGram touchpoints in the country to 90,000 (additional 55,000 touch points).

EbixCash customers in these locations can now access the MoneyGram platform to quickly send or receive money to family and friends across over 200 countries and territories.

“Our intent is to take MoneyGram wherever we are. We are heavily committed to Moneygram. As on date, EbixCash has as many as 3,20,000 touch points across the country. We are also the largest domestic remittance player in India,” Raina said.

This strategic partnership aims to bring inward remittance volumes of $3 billion annually to India, he added.

Holmes also indicated that Ripple-backed MoneyGram may rope in Ebix as a partner in other markets as well. It is also enhancing its operations in Asia Pacific region and had recently partnered with UAE’s Lulu Exchange.

EbixCash expects net revenues (for EbixCash) to range between $20 million to $35 million annually from this partnership with MoneyGram once fully rolled out.

“MoneyGram is focusing on diversification by investing in both its digital business and in key international markets such as India,” Holmes said. “Partnering with the largest financial exchange in India 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.”

Published on January 23, 2020
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