MoneyGram, one of Ripple's key partners, enters the Indian market. The company entered into a strategic partnership with EbixCash, a subsidiary of Ebix Inc, to provide money transfer services to millions of consumers. The partnership will enable MoneyGram to serve customers throughout India at 320,000 offices located in 4,000 cities and about 75,000 villages.
India is currently one of the leading remittance recipients in the world. Many people work abroad and regularly send money to their families in India. Thanks to the partnership, EbixCash customers will gain access to the MoneyGram platform and will be able to send money as quickly as possible with minimal cost.
The planned volume of money transfer services is $3 bln per year. MoneyGram plans that the main sender markets outside of India helps to succeed.
It is worth reminding that Ripple invested $50 mln in MoneyGram and has a 10% of its stake. It follows that Ripple partnered with a recognized provider of money transfer services, which operates worldwide and fits perfectly with the concept of On-Demand Liquidity (ODL). Integrating ODL for money transfers to India and providing XRP as a bridge currency is only a matter of time.
Image courtesy of AZCoin news