MoneyGram recently reported a growth rate of over 100% of the 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 fast-growing platform for cross-border P2P payments and money transfers around many countries.
Last year, MoneyGram received $20 million in funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions.
The funding by Ripple completes its $50 million offerings for about 15% stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.
This deal would definitely give MoneyGram’s arch-rival, Western Union, a run for its money. Reports from different private sources, seen by Nairametrics show that Western Union is now bent on buying MoneyGram to scale on its robust growth experienced lately.
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Recall that XRP(Ripple), the fourth most widely used crypto-asset behind Bitcoin, Ethereum, and Tether, had recently gotten the attention of the world’s biggest economy for money remittance.
U.S Consumer Financial Protection Bureau, which plays a major role in protecting America’s consumers in the financial sector, recently acknowledged Ripple by saying that it would seek continued growth and expanding partnerships of companies such as Ripple.
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“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.
The organic growth of MoneyGram’s transactions also deepens its hold on money transfers in 200 countries (70 countries enjoying the digital services).