Ripple's Partner MoneyGram Breaks Major Transaction Record During Holidays

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Mon, 01/06/2020 - 19:12
Alex Dovbnya
Ripple's partner MoneyGram destroys its previous record of transactions during the holidays, plans to prioritize digitization in 2020
Cover image via U.Today
Contents

According to a recent press release, legacy money transfer company MoneyGram has shattered its previous record of transactions during the holidays. The major partner of blockchain behemoth Ripple now boasts a 70 percent increase compared to the previous year.  Notably, this percentage increases to a whopping 120 percent if to include the US.  

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The digital transformation of MoneyGram 

The company emphasizes that around 80 percent of all transactions were made with the help of mobile devices. The total number of smartphone owners surpasses three billion people, which means that there is an enormous market for hassle-free international payments.

MoneyGram CEO Alex Holmes says that the company's new mission is mobilizing the movement of money. 

"The success of our mobile app throughout the year, and especially during this holiday season, demonstrates the value consumers place not only on our user experience, but also on our global distribution network," said Holmes. 

The old-school player will continue to work on the digitalization of its business in 2020. They plan to debut new "product enhancement" in the likes of Visa Direct. As reported by U.Today, MoneyGram became the first company in its line to start using the real-time payment solution by Visa.   

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Ripple’s XRP Will Be Used by MoneyGram for Conducting Cross-Border Payments  

MoneyGram's tie-up with Ripple  

Ripple now owns a 10 percent stake in MoneyGram after putting $50 mln into the company that is struggling big time to become profitable. The investment is supposed to help MoneyGram to step into new markets with Ripple's On-Demand Liquidity (ODL) solution.  

During his recent CNN interview, Holmes described Ripple's ability to move as "magical" while praising the innovative nature of XRP. However, the MoneyGram boss also revealed that neither he nor his company holds any XRP tokens. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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