MoneyGram, one of the most important partners for Ripple, has decided to move forward and expand its operations in the Indian market. The decision comes after signing a strategic partnership with EbixCash. This would allow the local population to receive improved remittance services. The information was released in a Press Release a few hours ago by Ebix, Inc.
MoneyGram Expands Its Solutions in India
As per the press release, EbixCash, a subsidiary of Ebix, Inc. will be offering new services to millions of consumers across India. This partnership will allow MoneyGram to reach a large number of individuals through Ebix’s 320,000 distribution outlets in 768 different districts across the country.
In addition to it, EbixCash customers in all these locations will be able to use the MoneyGram remittance platform and use their services. MoneyGram allows its clients to send and receive funds across borders in a fast and easy way.
The goal of this partnership is to also offer service inward remittance volumes of $3 billion annually. This would be achieved by targeting remitters in several key and relevant markets outside India.
MoneyGram Chairman and Chief Executive Officer, Alex Holmes, explained about this recent partnership:
“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.”
At the moment, India is one of the world’s top recipients of remittances. There are many individuals working abroad that are sending funds back to their families in the country. At the same time, friends and family members can also send and receive funds through MoneyGram’s platform as well.
In order to do so, MoneyGram works with a physical and digital network that powers financial settlements and that includes cloud-based infrastructure and integrated APIs, among other things.
The main question is whether the Indian market will be receiving support for Ripple-related solutions and eventually the XRP cryptocurrency to source liquidity on demand. Ripple has been helping the firm to offer better and faster services. In the future, with the integration and expansion of the XRP cryptocurrency, it may be possible for Indian users to send and receive funds almost immediately for very low fees and in just a few seconds.