Ripple says MoneyGram to test its digital coin for payments

Ripple (XRP) Price Races Past $2.2 As MoneyGram Partnership Announced

MoneyGram to Pilot Ripple's XRP Token for International Payments

MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple's solution for on-demand liquidity. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", MoneyGram CEO Alex Holmes in a statement.

This partnership with MoneyGram is crucial for both - the technology behind Ripple and the cryptocurrency of XRP. As part of the agreement, MoneyGram will pilot XRP in their payment flows and also explore integration into Ripple's ecosystem through xVia. Moreover, Ripple charges about a penny compared to a transaction fee of nearly $30 that Bitcoin charges. MoneyGram has shown great trust in Ripple and has stated that Ripple's average transaction time of 2 to 3 seconds is considerably lower than other major cryptocurrencies.

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. "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.

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Ripple, a bitcoin rival, claims it can settle digital transactions in three seconds or less, making it attractive to financial institutions.

News of the deal saw MoneyGram's share price rise as much as 10%, to $13.39 in morning trading, before settling down to $12.72 at pixel time.

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.‎. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them.

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