Ripple XRP and Payments Giant MoneyGram Partner For Cross-Border Remittances

Ripple XRP and Payments Giant MoneyGram Partner For Cross-Border Remittances

MoneyGram announced that they are working with Ripple to provide worldwide remittances in Ripple's cryptocurrency, XRP.

The Ripple official twitter handle has tweeted the news that there will be more payment companies like Moneygram joining the usage of XRP in 2018. Like its longtime rival Western Union, MoneyGram has faced competition from a new generation of low-priced Internet-based services like TransferWise.

International Payments is a multi-billion dollar industry and the current way of using a centralized authority who hold enough foreign reserves to be able to facilitate the cross-border transfers is very inefficient considering the time and cost involved. "By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information".

According to the press release, XRP's transaction fees are equivalent to fractions of a penny, unlike Bitcoin's fees of around $30 per transaction.

He further continued saying "We are excited about this pilot and a long-term strategic partnership with MoneyGram".

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In November 2017, American Express Co also launched an instant blockchain-based payment system using Ripple.

For MoneyGram, the tie-up with Ripple may provide a way to maintain its share of the money transfer market.

With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.

MoneyGram's CEO Alex Holmes said that his company was "looking forward to piloting xRapid". "We're hopeful it will increase efficiency and improve services to MoneyGram's customers". In the past 24-hours, Ripple has surged by nearly 20% and at the price time, the cryptocurrency is trading at $2.09 with over $5 billion trading volumes and over $81 billion market cap. Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the US and the United Kingdom.

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