Paytm Partners with EbixCash’s Forex Division to Offer Money Exchange Services
July 11, 2018 --
JOHNS CREEK, Ga., July 11, 2018 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, today announced that Paytm has partnered with Ebix’s Forex subsidiary CentrumDirect, to offer money exchange services, to its vast user base in India, spanning more than 200 million Paytm users. The service is currently live on Paytm’s website and will soon be launched on Paytm Android and iOS apps.
Paytm is India’s leading e-commerce payment system and digital wallet company offering a boutique of services such as bill payments, international flight ticketing, movie and events ticketing, insurance, and loans.
Indian internet major One97 Communications Limited, which owns Paytm, on Wednesday announced the launch of its Forex service in partnership with CentrumDirect, for money exchange of 20 top international currencies on its platform. As a part of the service, multi-currency Forex card and Forex cash can be ordered on a real-time basis, to be delivered at the user's doorstep within 48 hours. This unique offering allows to lock-in the current rates at the time of placing an order by making a two-percent partial payment, with the flexibility to make the remaining payment at the time of delivery.
The Forex card balance can be checked online and in most ATMs abroad. It can be used at almost all merchant outlets and ATMs across the world. Customers can load up to $250,000 in a financial year into the Forex card and buy up to $3,000 as currency notes. This new offering will also complement the requirements of frequent travelers, who can now buy Forex instantly along with their travel bookings. Forex can also be collected from any of the nearest partner seller outlets across India.
T.C. Guruprasad, Managing Director for Ebix’s Forex subsidiary CentrumDirect said, “We are delighted to partner with a reputed player like Paytm. Currently, we serve over 1.5 million transactions annually and our alliance with Paytm will further strengthen our client base. Paytm users will be able to benefit from our competitive exchange rates, a wide range of currencies and a dedicated post-sales service team.”
CentrumDirect, is an Omni-channel exchange that offers a variety of Foreign exchange and outward money remittance products targeting niche sectors like leisure travel, corporate travel, overseas education related remittances, airport money exchange including duty free shops, tour cost remittances of travel agents, disbursement of crew wages to ships docked on Indian shores, immigration related remittance, retail and wholesale currency markets. The Company is one of the few named players in India with the requisite AD-II and FMCG regulatory licenses to conduct these businesses through a vast network encompassing 165 outlets spread across 55 cities, 200+ franchisee partners, 2,000+ travel agents, 50+ banks and financial institutions, 1000+ SMEs, and 150+large corporate clients.
The Company’s Forex Exchange has an approximate 70% market share of India’s airport Foreign Exchange business encompassing 25 international airports like Delhi, Mumbai, Bangalore, Chennai and Kolkata International airports, while conducting over 1 million transactions per annum. The CentrumDirect Exchange also has a 15% market share in India’s fast growing $1.5 Billion education outward remittance business.
About Ebix, Inc.
With 50+ offices across 5 continents, Ebix, Inc., (NASDAQ:EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, the Company’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administrative and risk compliance, across the world.
With a "Phygital” strategy that combines 231,500 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, Forex, travel, pre-paid & gift cards, utility payments, etc., in an emerging country like India. The Company’s Forex Exchange has an approximate 70% market share of India’s airport Foreign Exchange business encompassing 25 international airports like Delhi, Mumbai, Bangalore, Chennai and Kolkata International airports, while conducting over 1 million transactions per annum. EbixCash, through its travel portal Via.com, is also one of Southeast Asia’s leading travel exchanges with over 110,000 distribution outlets and 8,000 corporate clients processing over 24.5 million transactions every year. For further details, visit www.ebixcash.com
Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
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