Ripple and MoneyGram partnership expands and enters the Indian market
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Answer Ripple and MoneyGram partnership expands and enters the Indian market
MoneyGram is a global money transfer and payments company that recently cooperated with Ripple, one of the crypto giants.
Yesterday, MoneyGram announced its partnership with EbixCash, a subsidiary of Ebix, Inc, to offer its financial services to clients across India.
MoneyGram will now have access to India’s 320,000 EbixCash distribution outlets, which are spread across India in about 4,000 cities and around 75,000 rural villages, according to for the statement issued.
MoneyGram customers can use its services to send money to anyone across 200 countries and territories.
With this deal, MoneyGram expects to serve remittances at more than $3 billion, and EbixCash expects annual revenue of between $20 and $35 million thanks to its new partnership.
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Grant Lines, MoneyGram’s chief revenue officer, explained in a statement that:
India continues to be the top recipient of remittances in the world and we are excited to better serve this critical market through our partnership with EbixCash, a leading brand with nearly 80% share of locations in the country.
Although it was not explicitly mentioned in the announcement, it can be assumed that the deal bodes well for both Ripple and XRP.
MoneyGram has been working with Ripple since mid-2019.
Recently, MoneyGram increased the use of XRP through its remittance payment system after Ripple invested $50 million in MoneyGram.
Ripple now owns about 10 percent of MoneyGram and could increase its stake to 15 percent, depending on the duration of the deal.
Ripple CEO: We spent an entire year convincing MoneyGram about XRP
Meanwhile, MoneyGram announced last July that it would enter the South Korean market with the help of Sentbe, a payment startup that provides services to large companies in the region, including Samsung.
Alex Holmes, Chairman and CEO of MoneyGram, said the company is looking to diversify by focusing on key international markets such as India.
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He said in another statement:
Partnership with the largest stock exchange in the world [الهند] An important milestone, and we are excited to enable EbixCash to connect to the MoneyGram platform to access our customer-centric capabilities and services.
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