EbixCash Globetrotter Travel Card Launched with INR 100 Cr ($12.6 million) of Business Within Six Weeks of Launch
EbixCash Limited has launched the EbixCash Globetrotter Multicurrency Prepaid Card through its Foreign Exchange Division, aiming for USD 1 billion in sales for 2023. The card supports 10 currencies and offers a range of features including Tap & Pay functionality and a dedicated consumer portal for transaction management. This initiative capitalizes on the growing demand for digital payment solutions, particularly in overseas education and travel sectors. As a leading player in India’s forex market, EbixCash is well-positioned to enhance customer experiences globally.
- Launch of the EbixCash Globetrotter Multicurrency Prepaid Card targets USD 1 billion in annual sales for 2023.
- Supports 10 different currencies, facilitating seamless transactions across a vast merchant network.
- Dedicated consumer portal enhances user experience by allowing transaction management and card limit customization.
- The card aims to address the rising demand for digital payments, especially for overseas tuition and travel.
- None.
NOIDA, India and JOHNS CREEK, Ga., Sept. 14, 2022 (GLOBE NEWSWIRE) -- EbixCash Limited, a technology enabled provider of digital products and services in the B2C, B2B and financial technology arena, today announced that its Foreign Exchange Division - EbixCash World Money, has launched the EbixCash Globetrotter Multicurrency Prepaid Card.
EbixCash World Money is one of the largest sellers of Multicurrency Prepaid cards in India with pre-covid annualized sales of USD 750 million. With the launch of the Globetrotter travel card, it is targeting volumes of USD 1 Billion in 2023. EbixCash Multicurrency travel card is available in 10 different currencies such as USD, GBP, AUD, CHF, SAR, THB, EURO, CAD, AED, SGD. The prepaid travel card is accepted across for POS, ATM, E-com across 7 + million merchants globally. With “Tap & Pay” functionality, this card allows customers to transact seamlessly across all merchants.
With a dedicated consumer portal, customers can set the individual limit for ATM, POS, E-com and Tap and Pay transactions, view transactional details, download statements and hotlist cards hassle-free. With the increased adoption of digital payments globally, EbixCash Globetrotter Travel Card has enabled instant cross border tuition fee payments, Visa and college application fee payments for students pursing overseas education. With a 5-year validity, the card can be reloaded multiple times by students for paying their personal expenses, in addition to tuition fee. With the revival of holiday travel and corporate business, EbixCash Globetrotter travel would empower the customers to make hassle-free transactions across the Globe.
“We are excited to be formally launching the EbixCash Globetrotter Travel Card, as it is an important milestone towards offering a new customer experience. EbixCash has been a leader in travel card business for last many years in India.”. T C Guruprasad, Managing Director, EbixCash World Money said. “The travel card will allow our clients to avail foreign exchange services in the most convenient manner with a hassle-free experience. We would soon be also offering co-branded travel cards through alliances with banks and financial institutions.
EbixCash is a subsidiary of Ebix, Inc. (NASDAQ: EBIX), with a leadership position in key businesses that it operates in, with a “phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021; with a Omni-channel online digital platform that offers its products and services encompassing domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services, and technologies across insurance, bus information systems, lending and wealth management in 75+ countries.
EbixCash World Money, the foreign exchange division of EbixCash Limited holds a leadership position in foreign exchange business in India, with a vast network encompassing 81+ retail branches, 250 franchisee partners and duty free shops, 27+ bank clients, 1200+ corporate clients including top fortune 500 clients and 5-star hotels in India. EbixCash World Money is also a leading player in India’s airport and seaport Money Exchange business with retail kiosks in 16+ international airports, and 12 seaports.
About EbixCash
With a "Phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021, to an Omni-channel online digital platform, the Company’s Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services and technologies for insurance, bus information systems, lending and wealth management across 75+ countries including India. EbixCash has Forex operations in approximately 16 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata. EbixCash is a leader in the international remittance business based on gross transactional value. EbixCash, through its travel portfolio (Via.com and EbixCash.com), is one of the leading travel exchanges based in India and catering to Southeast Asian markets, with over 517,000 agents and approximately 17,900 registered corporate clients. EbixCash's financial technologies business offers software solutions to various clients in the areas of wealth, asset and lending management, insurance and bus information systems. EbixCash's business process outsourcing services provide information technology and call center services to a variety of industries. For more information, visit the Company’s website at www.ebixcash.com
Disclaimer:
EbixCash Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India. The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, Motilal Oswal Investment Advisors Limited at www.motilaloswalgroup.com, Equirus Capital Private Limited at www.equirus.com, ICICI Securities Limited at www.icicisecurities.com, SBI Capital Markets Limited at www.sbicaps.com and YES Securities (India) Limited at www.yesinvest.in, respectively, and the websites of the stock exchange(s) at www.bseindia.com and www.nseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.
About Ebix, Inc.
With approximately 200 offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide on-demand software and e-commerce services to the insurance, financial services, travel, healthcare and e-learning industries. In the Insurance sector, Ebix’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 administration and risk compliance services, around the world.
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
CONTACT:
Satish Sapru
+91 99990 13426 or satish.sapru@Ebix.com
FAQ
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