Ripple‘s services could reach India thanks to the partnership with MoneyGram.
A few months ago, Ripple signed a strategic partnership with MoneyGram, providing a capital of 50 million dollars for two years.
The partnership focuses on xRapid, Ripple’s on-demand liquidity solution that allows sending money around the world almost instantly thanks to XRP.
MoneyGram recently revealed that 10% of the transactions it handles between the US and Mexico, as an example, are processed via xRapid.
According to the official website, MoneyGram has signed a new partnership for the Indian market with the company EbixCash, whose network manages about $3 billion a year of remittances.
EbixCash is a wholly-owned subsidiary of Ebix, a Nasdaq-listed company and international provider of on-demand software and e-commerce services.
With this partnership, MoneyGram will be able to reach new customers thanks to 320,000 distribution points scattered in 768 districts, 4,000 cities and over 75,000 villages in India.
In reality, it is not yet clear whether MoneyGram will use Ripple’s services in India, but given the precedents in Mexico, it is likely that at least part of the transactions will be routed through xRapid.
MoneyGram’s President 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”.
Ebix President and CEO, Robin Raina, commented:
“We are excited with the nature of this strategic partnership which is a win-win for both sides. 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”.
MoneyGram’s Chief Revenue Officer, Grant Lines, added:
“India remains the world’s top recipient of remittances, and we’re excited to better serve this critical market through our partnership with EbixCash, a leading brand with an approximate 80% share of locations in the country”.