- Retains Dominant Leadership Role in Foreign Exchange, Inward and Education Money Remittance Sectors
- Addition of five international airports with a presence now across 25 international airports
- Launches UPI Handle to Facilitate Seamless Digital Transactions countrywide
EbixCash Limited, a subsidiary of 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 provided a summary update about its payment solutions vertical while reporting exceptional year-over-year (YOY) revenue and income growth across its payments solutions business that encompasses the sectors of foreign exchange, inward and outward money remittance.
EbixCash continued its leadership in the Foreign Exchange (Forex) arena with YOY growth of approximately 38% in 2023. The last quarter of the calendar year from September to December 2023, resulted in an estimated record gross revenue of INR 144 crores, which translates to YOY growth of 24% as compared to the fourth quarter of 2022.
T C Guruprasad, Managing Director, EbixCash Payment Solutions said, “In the foreign exchange business, the year 2023 has been nothing short of extraordinary, and we are pleased to announce that we have achieved an estimated gross revenue of INR 556 crores with 0.25 Mn transactions per month in the year. The last quarter of the calendar year from September to December 2023 (Q4’23) accounted for an estimated INR 144 crore of gross revenue. We are optimistic of continuing the growth trajectory in the Jan’24 to March’24 quarter (Q1’24) and are targeting gross revenue of INR 175 crore in Q1’24 with sequential growth of approximately 22% over Q4’23 and YOY growth of approximately 45% in Q1’24 as compared to Q1’23. In terms of operating income, 2023 was a record year for the Payment Solutions Division, and we are optimistic that the Division will set new records in terms of operating income benchmarks in the year 2024.”
Guruprasad added, “We also take pride to report that the Reserve Bank of India (RBI) handpicked EbixCash to showcase to the inter-governmental G-7 Financial Action Task Force (FATF) audit team, our exemplary compliance framework and control systems for FX business, in line with RBI’s high standards. The whole exercise spanning over two months included interactions with RBI, FIU, and top officials from the Ministry of Finance. The FATF team visited India recently to study and rate the country’s financial system framework on diverse areas like anti-money laundering and anti-terrorist financing activities.”
EbixCash continued to dominate the airport foreign exchange business in 2023 with the addition of Forex counters at six new airports – Ranchi, Goa, Aurangabad, Bhubaneswar, Surat, and Vizag, taking the total airport presence to 25 international airports for offering foreign exchange services. In addition, new counters were added at Kannur, Mumbai, Hyderabad, Trichy and Chennai airports.
Furthermore, EbixCash’s corporate Forex business experienced remarkable YOY growth, leading to an expansion in its corporate clientele, with notable client additions in the form of large conglomerates in the sector of Paints, Heavy Engineering, Retail distribution, Industrial Manufacturing, Auto manufacturing, IT/ITES service providers and a few other industries.
In the year 2023, EbixCash also reported 30% YOY growth in the student outward remittance business. The business witnessed an impressive increase in GIC transactions and added many marquee overseas education, international payment aggregators and NBFCs to its portfolio of partners. To better serve its international clients, EbixCash opened a new branch in Namakkal specifically tailored to cater to students travelling to the UK for higher studies.
EbixCash’s bank notes and franchisee business achieved an all-time high marked by the inclusion of many new prestigious 5-star properties as clients, across various international hotel chains. EbixCash also initiated retail delivery services with one of the largest retail banks in the country and implemented a successful cross-selling strategy for travel cards for multiple banks.
EbixCash’s Travel card continued its growth trajectory, surpassing a Gross Merchandise Value (GMV) of USD 450 million in the first nine months, with the present average monthly sale of USD 50 million on Visa and MasterCard, including distribution of bank cards.
EbixCash Payment Solutions group also reported that it continued its dominant leadership role in the Inward remittance business (MTSS) in 2023, while processing 4.4 million transactions in the calendar year 2023. The Division is targeting substantial YOY growth in the year 2024 as compared to 2023.
EbixCash also reported that it has successfully completed the beta launch of its own UPI handle to facilitate seamless digital transactions for consumers nationally. EbixCash expects this to be an exciting new area of growth in the year 2024.