This Money Transfer Initiative Uses the Ripple XRP Digital Token
Rahul Kalvapalle — January 15, 2018 — Business
References: ir.moneygram & themerkle
MoneyGram, the second largest money transfer company in the world, has teamed up with blockchain payment pioneer Ripple in order to create an exciting new pilot project that looks to test and implement the use of Ripple's XRP cryptocurrency to streamline payments and money transfers.
The pilot project will see the integration of MoneyGram's payment network into the Ripple architecture, with the goal being to make it easier for cross-border payments and money transfers to be carried out in a matter of seconds.
This blockchain payment initiative aims to address some of the longstanding issues with the existing international payment infrastructure, which comes with delays and needless costs that Ripple and MoneyGram are looking to reduce. For MoneyGram, the partnership offers the promise of opening up new market share while reducing cost of operations.
The pilot project will see the integration of MoneyGram's payment network into the Ripple architecture, with the goal being to make it easier for cross-border payments and money transfers to be carried out in a matter of seconds.
This blockchain payment initiative aims to address some of the longstanding issues with the existing international payment infrastructure, which comes with delays and needless costs that Ripple and MoneyGram are looking to reduce. For MoneyGram, the partnership offers the promise of opening up new market share while reducing cost of operations.
Trend Themes
1. Blockchain Payment Integration - Integrating blockchain technology into existing payment networks to streamline cross-border payments and reduce costs.
2. Ripple XRP Cryptocurrency - Exploring the use of Ripple's XRP cryptocurrency for faster and more efficient money transfers.
3. Disrupting International Payment Infrastructure - Redefining the international payment infrastructure by leveraging blockchain technology and digital currencies for instant and cost-effective transactions.
Industry Implications
1. Payment Services - Opportunities to incorporate blockchain technology into payment service providers' networks for enhanced efficiency and customer experience.
2. Cryptocurrency - Cryptocurrency exchanges, wallets, and platforms can explore partnerships with traditional money transfer companies to facilitate faster and more secure transactions.
3. Financial Technology (fintech) - Fintech companies can develop innovative solutions to replace the outdated international payment infrastructure with blockchain-based systems that offer faster, cheaper, and more transparent transactions.
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