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Exceptional Growth

Technology offers and changes in both market and consumer dynamics are opening up newer opportunities for relevant businesses, according to TC Guruprasad, MD & Board Member of EbixCash Payments Solutions Division

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The payments business in India is growing exponentially despite the pandemic-led next normal. According to TC Guruprasad, MD & Board Member, EbixCash Payments Solutions Division, services are offered in every remote location in India today, opening up unprecedented opportunities.  

While changes are seen in all aspects of payments, Prasad draws attention to the domestic money transfer business, and how it is helping people. “People are working in different pockets after the pandemic and they have to send money back to their families in different cities and even different countries. This changes much about the game and being in the same network can help,” Prasad says.

A person working in Kerala can send money to a person in Assam or Jaisalmer in the same network. Due to this, this part of the business is growing rapidly, and is approximately pegged at Rs 350 crore monthly, Prasad informs. He adds, “We have created technology stacks that can serve all these places factoring in transactions for IRCTC or a bus ticket, across traveller tiers. We are licensed from IRCTC and we look at close to 20 per cent of their tickets.”

Emphasising the technology platform Prasad says, “We have different versions in this including a B2B model. This is a pad that comes in and then we give it to an agent, who can be a grocery owner or a petrol pump station.”  In this process, the agent can make one more round of money because he gets a commission out of it. “We can deposit cash into that location. We have the data for most of the insurance companies and we are tied up with many housing finance companies as well,” he said.  Prasad divulges that EbixCash witnessed a high double digit year on year (YoY) growth in transactions.

Enhanced Revenue Models
“At present, for both domestic payments and utility payments like train tickets, bus tickets etc., we have plugged in a set of gadgets within which we have induced instant money transfer s (IMT). It is going to be an IMT when a person sends money from overseas, the same agent can dispense cash to a person who wants to come and take that cash into any of the stores,” Prasad explains.  While domestic money transfers have posed challenges in growth for a company like EbixCash due to the several phone-to-phone payment options, that are also more convenient, Prasad says that in IMT, the company is at “78 per cent of the inward cash into the country”.

He says, “We are talking about approximately $8.5 billion cash coming into India, as per RBI. We do 90 per cent of IMT transactions for Western Union and MoneyGram will be close to 95 per cent. We are the backend treasury and the technology providers for dispensing this cash at server suburban locations.”  

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EbixCash Ebix Magazine 28 Dec 2021 irctc