Published: Sat, January 13, 2018
Markets | By Erika Turner

MoneyGram to Test Payments With XRP Coins

MoneyGram to Test Payments With XRP Coins

The Ripple price (XRP/USD) has seen a sharp increase following news that the world's second-largest money transfer company MoneyGram will start using the XRP token worldwide payments. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.

As part of the arrangement, MoneyGram will test the use of Ripple's cryptocurrency, XRP, to move funds in a faster and cheaper way. "By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information". Its transaction fee, at just "fractions of a penny", is also comparable to bitcoin's $30 (roughly Rs. 1,900) per transaction fee.

MoneyGram says that blockchain, the technology that powers digital currencies, has the potential to revolutionize its current money transfer process, which requires pre-funded accounts to fulfill transfers.

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The team-up comes after both Ripple and MoneyGram made headlines this month, the latter for the fall through of its much anticipated acquisition by Chinese fintech giant Ant Financial: the operator of popular mobile payment service Alipay.

This is the appeal of cryptocurrencies as a whole, but compared to other Bitcoin rivals like Ethereum and Litecoin, Ripple is still relatively affordable, making it more tempting for blockchain newbies to experiment with - and easier for a big business like MoneyGram to put its stamp on. Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the USA and the United Kingdom. MoneyGram is said to be the second largest money transfer company in the world.

Meanwhile, MoneyGram CEO Alex Holmes is optimistic that Ripple is the right partner to help his company cash in on the growing benefits of its underlying technology. 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.

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