MoneyGram last year partnered with Ripple to enhance their cross-border remittance services using RippleNet technology. MoneyGram is looking to extend its services in India in partnership with EbixCash. The expansion could mean that MoneyGram might use Ripple’s technology for cross-border settlements in India. The expansion in blockchain and other innovative technology could result in more jobs in Delhi and other cities of India.
MoneyGram would have access to EbixCash’s 320,000 distribution outlets in India.
EbixCash is a financial subsidiary of Ebix. The new partnership would grant MoneyGram access to EbixCash’s 320,000 distribution outlets in India spread across over 4,000 cities and more than 75,000 rural areas. MoneyGram is expected to generate remittance volumes over $3 billion. Ripple invested $50 million in MoneyGram and now owns a 10% stake in the company.
“Partnering with the largest financial exchange in India is an important milestone.”
Grant Lines, MoneyGram Chief Revenue Officer, said that India remains the world’s top recipient of remittances, and they are excited to better serve this critical market through their partnership with EbixCash, which is a leading brand with an approximate 80% share of locations in the country.
Alex Holmes, the chairman and the CEO of MoneyGram, said that partnering with the largest financial exchange in India is an important milestone for them, and they are excited to enable EbixCash to plug into the MoneyGram platform to access their customer-centric capabilities.