One of Ripple’s key partners; MoneyGram expands to India by entering a partnership with EbixCash.
MoneyGram expands to India
MoneyGram has now decided to enter India, a country with almost as high a population as China, through its partnership with EbixCash. Ebix the parent company of EbixCash announced the move through a press release. The move would enable MoneyGram to reach out to over 1.3 billion people of India with improved monetary services.
Ebix has a strong foundation in the region with over 300,000 distribution sites across 768 districts in the country. EbixCash would allow all of its users to access MoneyGram’s remittance platform to use the financial service. MoneyGram, in key, is a money remittance service that allows users to send and receive funds across borders in a fast and efficient manner.
The two companies have set a goal for the partnership that is to achieve a remittance volume of 3 billion dollars annually. The goal would be achieved by strategically targeting specific key remitters in markets bout inside India as well as in foreign markets.
MoneyGram CEO Ajax Holmes expressed his delight in signing the partnership as he highlighted EbixCash’s position as the “largest financial exchange in the country.” Holmes stated that the move was an “important milestone” for the company and appeared optimistic for the future. He observed that the team was “excited” to plug EbixCash with MoneyGram’s platform.
The Indian market is bound to see a great improvement seeing as MoneyGram expands to India. The move could encourage other gateways to appear in the financial market but the main question is whether the market would receive support from Ripple or not.
Featured image by pixabay.