EbixCash Payment Solutions Reports Exceptional Year-over-Year Revenue and Income Growth in Q4 2023 and Full Year of 2023

• Retains Dominant Leadership Role in Foreign Exchange, Inward and Education Money Remittance Sectors
  
• Addition of five international airports with presence now across 25 international airports.
• Launches UPI Handle to Facilitate Seamless Digital Transactions countrywide

NOIDA, India, Jan. 08, 2024 (GLOBE NEWSWIRE) -- EbixCash Limited, a subsidiary of Ebix, Inc. (OTC: EBIXQ), 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 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.”