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 announced that it has become the first company in
India to pioneer, launch and enable Unified Payments Interface
(UPI) transactions for foreign nationals visiting India. This new
capability will allow a Foreign national visiting India to pay for
goods and services in India, using UPI in seconds.
As a part of that initiative, EbixCash has
become the first financial services entity in the country to enable
UPI services for foreign delegates attending the G-20 submit being
held in India. EbixCash will be carrying out a pilot launch shortly
in Bangalore at the G-20 summit, involving dignitaries from the
world’s 20 most powerful nations.
T C Guruprasad, Managing Director, Payment
Solutions Division and EbixCash World Money said. “We are excited
to announce the launch of UPI for foreign nationals exchanging
currencies across airports in India. This is in line with our
commitment to embrace the vision of India’s Prime Minister Mr.
Narendra Modi to promote digital transactions in India. This would
enable passengers to visit our airport counters across India for
converting their foreign currency into digital Indian currency,
with a UPI interface to pay for goods and services across the
country”.
EbixCash World Money, the foreign exchange
division of EbixCash Limited holds a leadership position in the
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 20
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, 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 20 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
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
satish.sapru@Ebix.com or +91 99990 13426
Darren Joseph
IR@ebix.com or +1 678 281 2027
David Collins or Chris Eddy, Catalyst Global
ebix@catalyst-ir.com or + 1 212-924-9800
SAFE HARBOR REGARDING FORWARD-LOOKING
STATEMENTS
As used herein, the terms “Ebix,” “the Company,”
“we,” “our,” and “us” refer to Ebix, Inc., a Delaware corporation,
and its consolidated subsidiaries as a combined entity, except
where it is clear that the terms mean only Ebix, Inc.
The information contained in this Press Release
contains forward-looking statements and information within the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. This
information includes assumptions made by, and information currently
available to management, including statements regarding future
economic performance and financial condition, liquidity and capital
resources, acceptance of the Company’s products by the market, and
management’s plans and objectives. In addition, certain statements
included in this and our future filings with the Securities and
Exchange Commission (“SEC”), in press releases, and in oral and
written statements made by us or with our approval, which are not
statements of historical fact, are forward-looking statements.
Words such as “may,” “could,” “should,” “would,” “believe,”
“expect,” “anticipate,” “estimate,” “intend,” “seeks,” “plan,”
“project,” “continue,” “predict,” “will,” and other words or
expressions of similar meaning are intended by the Company to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are found at various places throughout
this report and in the documents incorporated herein by reference.
These statements are based on our current expectations about future
events or results and information that is currently available to
us, involve assumptions, risks, and uncertainties, and speak only
as of the date on which such statements are made.
Our actual results may differ materially from
those expressed or implied in these forward-looking statements.
Factors that may cause such a difference, include, but are not
limited to those discussed in our Annual Report on Form 10-K for
the year ended December 31, 2021 and subsequent reports filed with
the SEC, as well as: the ongoing effects of the Covid-19 global
pandemic, the willingness of independent insurance agencies to
outsource their computer and other processing needs to third
parties; pricing and other competitive pressures and the Company’s
ability to gain or maintain share of sales as a result of actions
by competitors and others; changes in estimates in critical
accounting judgments; changes in or failure to comply with laws and
regulations, including accounting standards, taxation requirements
(including tax rate changes, new tax laws and revised tax
interpretations) in domestic or foreign jurisdictions; exchange
rate fluctuations and other risks associated with investments and
operations in foreign countries (particularly in India, Australia
and Asia, Latin America and Europe wherein we have significant
and/or growing operations); fluctuations in the equity markets,
including market disruptions and significant interest rate
fluctuations, which may impede our access to, or increase the cost
of, external financing; ability to secure additional financing to
support capital requirements; credit facility provisions that could
materially restrict our business; costs and effects of litigation,
investigations or similar matters that could affect our business,
operating results and financial condition; and international
conflict, including terrorist acts and wars.
Except as expressly required by the federal
securities laws, the Company undertakes no obligation to update any
such factors, or to publicly announce the results of, or changes to
any of the forward-looking statements contained herein to reflect
future events, developments, changed circumstances, or for any
other reason. Readers should carefully review the disclosures and
the risk factors described in the documents we file from time to
time with the SEC, including future reports on Forms 10-Q and 8-K,
and any amendments thereto.
You may obtain our SEC filings at our website,
www.ebix.com under the “Investor Information” section, or over the
Internet at the SEC’s web site, www.sec.gov
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.
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