Moneygram and Ripple Partner to speed up Transactions

Moneygram and Ripple Partner to speed up Transactions

The partnership is meant to pilot XRP (Ripple) in MoneyGram's payment flows.

Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. Moreover, Ripple charges about a penny compared to a transaction fee of nearly $30 that Bitcoin charges.

XRP is fast too. MoneyGram has shown great trust in Ripple and has stated that Ripple's average transaction time of 2 to 3 seconds is considerably lower than other major cryptocurrencies. Instead, by using XRP Moneygram can directly transfer funds from one country to another instead.

Ripple's MoneyGram partnership fits in nicely with its big play to become the crypto payment solution of choice not just on the web, but also through brick-and-mortar transfer providers.

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Alex Holmes, Chief Executive Officer of MoneyGram, said, "Every day blockchain technology is changing the norm and encouraging innovation". By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information, " said Ripple boss Brad Garlinghouse. "We're hopeful it will increase efficiency and improve services ‎to MoneyGram's customers."‎.

Ripple created its virtual currency to allow banks to send client money on its network from Paris to Tokyo, for example, in a matter of minutes rather than days. This led to a major pump in the price of the currency as Ripple prices raced to nearly $2.2 from $1.5.

Ripple was more appealing than Bitcoin to Moneygram because of Bitcoin's fees.

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. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them.

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