MoneyGram share price rises after Ripple (XRP) pilot announced

Dianna Christensen
January 13, 2018

"By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information", Ripple's chief executive officer, Brad Garlinghouse, said in a statement.

Ripple's (XRP) price has been declining of late, but the announcement of a major deal with cash transfer firm MoneyGram has seen its value rocket to a much healthier figure.

Moneygram will test the use of Ripple's cryptocurrency, XRP to see if it could be used to move funds in a faster and cheaper way than traditional methods.

Money transfer companies, like MoneyGram, allow people to safely and efficiently send cross-border payments to friends, families and business partners. Ripple's transaction fees still remain fractions of a penny, while Bitcoin fees are approximately $30 per transaction.

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Ripple, a fintech startup focused on providing blockchain solution for payments, has the backing of numerous global banks and financial institutions, including Standard Chartered and the Royal Bank of Canada. The current model for these payments requires money transfer companies to use pre-funded accounts across the globe to source liquidity. 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.

Cryptocurrency Ripple has broken higher after announcing a mainstream partnership with Moneygram.

"Every day blockchain technology is changing the norm and encouraging innovation".

MoneyGram, the world's second-largest money transfer company, stated that it was "hopeful" the partnership would "increase efficiency and improve services to MoneyGram's customers". Like its longtime rival Western Union, MoneyGram has faced competition from a new generation of low-priced Internet-based services like TransferWise. Fees would be lower and the payment flows more transparent. We also provide bill payment services, issue money orders and process official checks in select markets.

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