EbixCash Wins Long-term Bus Exchange Contract from Karnataka State Road Transport Corporation
Noida – April 2, 2024 – 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 announced that it has been awarded the prestigious long term contract to design, develop, build, install, maintain, operate and transfer the Intelligent Transport Management System (ITMS) for all the state buses run by the Karnataka State Road Transport Corporation (KSRTC).
The initial term of this contract is 5 years. This new contract entails the deployment of EbixCash bus exchange solutions with digital payment options based on the business rules of KSRTC also initially deployment of 10,245 devices across 8,000 buses in the state of Karnataka and deployment of 15,000 devices over next five years.
EbixCash’s Bus Exchange Division is India’s dominant leader in the area of Enterprise Bus E-commerce handling $1.7 Billion of annual transactions, across 30% of India’s bus ticketing system network with 14+ large state-owned public transport corporations as clients, including state roadways corporations in large states like Maharashtra, West Bengal, Andhra Pradesh, Rajasthan and now Karnataka.
EbixCash’s Intelligent Transport Management System (ITMS) serves to automate all aspects of fare ticketing and collection including Electronic Ticketing Machines & the software. It provides tremendous upside to a bus corporation, in terms of plugging any revenue leakage, faster services to the end commuters, complete control over bus economics by route in real time, trackability and audit trail of transactions, streamlined MIS and real time data; besides endeavoring to optimize manpower usage across all the buses run by the two Corporations. The end commuters can avoid queues and time wastage while being able to make payments on Smart Cards for their tickets inside and outside the bus.
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