Ripple’s on-Demand Liquidity partner, MoneyGram, has signed an exclusive agreement with India-based EbixCash, to be able to get the firm’s millions of customers which are cut across 75,000 villages and around 4,000 cities in India linked to MoneyGram’s state of the art global remittance platform, NewsLogical can confirm.
The strategic deal gives MoneyGram the power to gain more expansion in India.
EbixCash, is a financial section of Ebix, Inc, a global supplier of On-Demand software and E-commerce services to diverse businesses ranging from e-learning to healthcare, financial and insurance industries.
Selecting EbixCash, MoneyGram says it now has the opportunity to access additional 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.
Customers of EbixCash across the locations can now make use of the MoneyGram platform for seamless and affordable sending and receiving of money from friends and family in over 200 countries of the world.
The service, as contained in a statement, is geared towards servicing inward remittance volumes up to the tune of $3 Billion every year just by focusing on remitters in notable places outside of India.
On the part of EbixCash, the fintech company forecast net revenue of $20 million to $35 million every year, courtesy of this glorious partnership.
The synergy, according to Alex Holmes, MoneyGram Chairman, and Chief Executive Officer, is part of MoneyGram’s effort to concentrate on diversification, just by investing in digital business and in important markets like India, as the country stays among the world’s top recipient of remittances.
“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,” Holmes said.
While it is not stated that the partnership will make use of Ripple’s ODL, a remittance tool which employs the service of XRP, there is no doubt that MoneyGram survives on Ripple’s remittance solution.
MoneyGram recently said it has perfected more than $100 million worth of transactions using Ripple’s ODL within a span of 6 months that it partnered with Ripple.