- MoneyGram has reported a growth rate of more than 100 per cent year-to-year digital transactions on its platforms in Q1 2020, as a result of its partnership with leading cryptocurrency platform, Ripple.
- MoneyGram raised $20 million in funding from Ripple last year to enhance its payment services through a partnership system with several major financial institutions.
- This deal will certainly boost the competition between MoneyGram and its rival Western Union, with the latter now bent on buying MoneyGram in order to reap from its recent robust growth.
MoneyGram recently reported a growth rate of more than 100 per cent year-to-year digital transactions on its platforms in Q1 2020, thanks to its recent partnership with Ripple, a leading cryptocurrency platform. MoneyGram is a platform for multi-country cross-border P2P payments and money transfers.
MoneyGram secured $20 million in funding from Ripple last year to enhance its payment services through a partnership system with several major financial institutions.
Ripple ‘s funding completes its $50 million offers for about 15 per cent stake in MoneyGram to run its experimental program to test the efficacy of the XRP digital token.
This deal will certainly up the competition between MoneyGram and its rival Western Union. Reports from various private sources show that Western Union is now bent on buying MoneyGram in order to reap from its recent robust growth.
Remember that XRP(Ripple), the fourth most widely used crypto-asset behind Bitcoin, Ethereum, and Tether, had recently attracted the attention of the world’s largest economy for money transfer economy.
The U.S. Consumer Financial Protection Bureau, which plays a crucial role in safeguarding America’s financial-sector consumers, recently acknowledged Ripple by saying it would seek continued growth and expanding partnerships with companies like Ripple.
“I’m excited to report that our strong digital growth continued to accelerate in May, highlighting yet again the incredible progress we’ve made as an organization to focus on our strategy to lead the industry in digitizing the movement of money,” Alex Holmes MoneyGram Chairman and CEO said.
“Our digital business growth in May is particularly notable as we not only increased our active digital customer base but also continued to see these new digital customers return and transact more frequently due to our seamless customer experience and global platform,” Holmes added.
MoneyGram’s organic growth of transactions also strengthens its hold on money transfers in 200 countries.
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