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Ripple and MoneyGram Test XRP Currency Transfers

Ripple and MoneyGram Test XRP Currency Transfers

The move is significant because the arrangement involves the use of XRP, Ripple's digital currency, which has recently soared in value but also faced questions about its practical uses.

Typically, existing money transfer companies need to have pre-funded accounts across the globe to ensure that they are able to facilitate transactions.

XRP is one of the most efficient digital assets for payments, with its transaction fees at just fractions of a penny, which compares to bitcoin fees of about $30 per transaction. Instead, by using XRP Moneygram can directly transfer funds from one country to another instead. "Money transfer companies are incredibly important because they help people get money to their friends and loved ones", Brad Garlinghouse, CEO of Ripple said in a statement.

The two will be using blockchain technology through Ripple's xRapid, a solution for on-demand liquidity.

Alex Holmes, Chief Executive Officer of MoneyGram, said, "Every day blockchain technology is changing the norm and encouraging innovation".




MoneyGram, like its rival Western Union has faced increasing competition from a new generation of low-priced Internet-based services like TransferWise.

Ripple created XRP, a virtual currency used on its network, to allow banks to send client money from Paris to Tokyo, for example, in a matter of minutes rather than days.

Ripple rose 10 percent Thursday after news that its San Francisco-based ‎startup has partnered with global money transfer company MoneyGram to ‎utilize its blockchain technology.‎.

In addition to this recent news, there was an announcement earlier ‎last month that several Japanese credit cards providers and South Korean banks ‎are testing Ripple's systems for cross-border payments.‎. We also provide bill payment services, issue money orders and process official checks in select markets.


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