Paytm Partners with EbixCash’s Forex Division to Offer Money Exchange Services
Summary
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.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.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 CentrumDirect Exchange also has a 15% market share in India’s fast growing $1.5 Billion education outward remittance business.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.
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