The international money transfer market is big business. In 2016, approximately $600 billion was sent internationally. People send money to help family members who live in another country or to conduct a transaction with a business partner. Despite all its advantages, this method is quite slow and expensive, which does not please either the company or customers.
MoneyGram and Western Union are two of the largest companies of this kind. To reduce transaction processing time and associated costs, MoneyGram decided to use the XRP cryptocurrency on its own network. Cryptocurrency will help save time and money, in addition, customers will be able to make payments in real time - transparently and without risk. The company has already signed a contract with the cryptocurrency startup Ripple.
In a recent press release, Money Gram CEO Alex Holmes said: “Ripple is one of the leading cryptocurrencies at the moment and we can't wait to try out their new token called xRapid. We hope this will improve customer service and significantly speed up transactions.”
Ripple is currently focused on developing solutions to eliminate the problems encountered in cross-border payments. "The problem of low transaction speeds does not only affect banks and financial companies, it primarily affects people who want to financially help their loved ones. Sometimes such help is needed immediately, sometimes there is simply no time to wait for an international transfer to arrive," said Brad Garlinghouse, chief executive of Ripple. “Using the XRP token, which has a worst-case transaction time of 3 seconds, MoneyGram customers will be able to transfer finance as quickly as information travels today.”
According to https://ripple.com
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