The agreement, which was initially introduced in September 2011, offers MoneyGram with the largest postal network in the world and since then the US company has enhanced its reach to 2,500 India Post branches.
Apart from this, the payment company is also mulling to expand its money transfer network in the country with the latest renewal of the agreement.
MoneyGram chairman and chief executive officer Pamela Patsley said, "Retaining and extending existing agent relationships are directly related to our continued success, our customer focus and our revenue building initiatives."
"MoneyGram is focused on accelerating growth in the region through offering consumers and agents innovative solutions and greater convenience," Patsley added.
As part of its growth strategy, MoneyGram has partnered with 30 postal organisations globally including the UK, Canada and Italy to offer consumers with convenient access to reliable and affordable money transfer service close to where they live and work.
With 310,000 global money transfer agent locations in 197 nations and territories, the company delivers global money transfers, money orders and payment processing systems for financial institutions and retail customers.
