EbixCash collaborates with J-;K Bank to use 1000-branch network for Money Transfer Services

22 Jul 2022 , 03:24 PM

EbixCash appoints the Jammu & Kashmir Bank’s entire 1,000-branch network as a sub-agent to facilitate international remittance services for its Ria Money transfer business. EbixCash is a tech-enabled digital provider in the B2C, B2B, and financial technology arenas.

The company intends to roll out the Money Transfer functionality on August 15, 2022, coinciding with India’s 75th Independence Day celebrations.

Ria Money Transfer, a subsidiary of Euronet Worldwide, Inc., is the world’s second-largest consumer remittance company. EbixCash, a subsidiary of Ebix, Inc., is the market leader in India for international remittances on the basis of gross transactional value. With 851 branches in Jammu, Kashmir, and Ladakh, J&K Bank is the largest bank in the Kashmir, Jammu, and Ladakh regions.

The J&K Bank and EbixCash signed the agreement on July 20, 2022, at a formal ceremony in Srinagar, Kashmir.

T.C. Guruprasad, Director — EbixCash, Syed Rais Maqbool, General Manager – J&K Bank, and Emil Ruban, Ria Financial’s Managing Director & Country Manager of Indian Operations, graced the ceremony with their presence.

“This collaboration of J&K Bank – a dominant, strategic player in the region – with a premier market player like EbixCash will go a long way in helping Non-Resident Indians of J&K descent – especially those based in Gulf countries, US, Europe, and Canada; to send remittances to their loved ones in J&K and Ladakh region,” said J&K Bank General Manager Syed Rais Maqbool.

EbixCash is a subsidiary of Ebix, Inc., with a “phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021. It has an Omni-channel online digital platform that has products and services ranging from pre-paid gift cards, domestic and international money remittance, foreign exchange (Forex), travel services, utility payments, and technologies across insurance, bus information systems, lending, and wealth management in over 75 countries.

At around 3.28 PM, Jammu and Kashmir Bank was trading at Rs28.60 up by Rs0.55 or 1.96% from its previous closing of Rs28.05 on the BSE.