MoneyGram has partnered with EbixCash, a wholly-owned subsidiary of Ebix, to bolster its money transfer services in India.

The collaboration will enable MoneyGram to leverage Ebix’s local distribution network to reach additional customers. Ebix has 320,000 distribution outlets in the country that will help MoneyGram to expand its coverage in rural areas.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Furthermore, all EbixCash customers in India can access the MoneyGram platform to receive remittances.

The agreement has made EbixCash MoneyGram’s exclusive partner in India.

MoneyGram chairman and CEO Alex Holmes said: “MoneyGram is focusing on diversification by investing in both its digital business and in key international markets such as India.

“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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Ebix chairman, president and CEO Robin Raina said: “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 on many fronts for us and will thus put all of our might behind this partnership.”

EbixCash operates as an end-to-end financial exchange with a service portfolio including money remittance, foreign exchange, pre-paid and gift cards among others.

Notably, MoneyGram received $50m investment from Ripple in November last year.