EbixCash Payment Solutions Reports Exceptional Year-over-Year Revenue and Income Growth in Q4 2023 and Full Year of 2023 - Seite 2

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 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 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.

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, a subsidiary of Ebix, Inc. (OTC:EbixQ) 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