MoneyGram Worldwide has launched a brand new remittance service in Brazil by way of a brand new partnership with Frente Correta, one of many primary companions of fintech agency Ripple within the nation. The brand new service was positively met by the $XRP group.
In keeping with a newly issued press launch, the brand new partnership led to the launch of MoneyGram On-line in Brazil, permitting customers to ship funds from the nation in “close to real-time” to household and pals all through the world. Recipients can obtain the funds by way of a “suite of choices designed to satisfy their distinctive wants,” together with by way of puck-ups at retail places.
The service is being launched with no transaction charges for customers. Alex Holmes, MoneyGram Chairman and CEO, was quoted saying:
This can be a important progress alternative for MoneyGram to seize market share in a rustic with one of many largest populations on the planet. As we method the beginning of the brand new 12 months, we’re arrange for fulfillment.
The doc notes that MoneyGram already has a “main presence in Brazil” with over 1,000 retail places all through the nation. The brand new utility permits customers to ship cash whereas on the go.
Whereas neither Ripple nor the $XRP token are talked about within the press launch, it notes the service is made attainable by way of a partnership with Frente Corretora, a startup utilizing Ripple’s know-how to supply low-cost cash transfers.
The announcement is extra related given MoneyGram’s previous partnership with Ripple. The businesses labored collectively since 2019, however months after the U.S. Securities and Change Fee (SEC) sued Ripple, MoneyGram announced it suspended trading on Ripple’s platform.
Earlier than the announcement MoneyGram distanced itself from Ripple, saying it additionally continued to make use of different conventional international change buying and selling counterparties and was not depending on the Ripple platform to satisfy its international change buying and selling wants. It additionally stated it didn’t use Ripple’s $XRP-based resolution, on-demand liquidity, o RippleNet for direct transfers of buyer funds.
Final 12 months, MoneyGram revealed it is going to let its clients purchase and promote bitcoin at its 12,000 retail places all through the U.S. thanks to a new partnership with cryptocurrency change and ATM operator Coinme.
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