By Solomon Odunayo
One of the capital partners of Ripple, MoneyGram recently announced its partnership with Visa in order to enhance its Pair to Pair (P2P) payment service globally.
MoneyGram International is a global provider of modernized and innovative money transfer services. Its prominence and service in the industry over the years make one of the largest money transfer service provider all over the world.
The announcement of the collaboration was passed across by the giant payment, MoneyGram via a press release on Prnewswire on 4th December 2019.
Main Purpose of Partnering with Visa
According to the press release, MoneyGram intends to expand its deposit service using debit card internationally. So, the payment company decided to join alliance with Visa via Visa Direct, which is identified as Visa’s real-time1 push payment platform.
The update also added that the service that emerged from the partnership is now live in Philippines and Spain. The launch has also placed MoneyGram as the only payment company in its chain that will make cross-border payment available from the United States via Visa Direct.
Our partnership with @Visa is going international! Customers in the US can now send money direct to Visa debit cards in Spain and the Philippines making MoneyGram the first to enable cross-border transfers from the US using Visa Direct. https://t.co/0wCW4ZtsJX
— MoneyGram International (@MoneyGram) December 4, 2019
The same payment service is expected to kickstart in other countries in the coming year. The importance of this partnership is expected to spread across board within the industry, due to easiness of international fund transfer it promises to initiate.
MoneyGram Chairman and CEO, Alex Holmes, displayed his excitement to the sealed partnership and what it will add to the reputation of the payment giant.
He said “This is an exciting time for us as our business transformation continues to move at a rapid pace as we seek to accelerate digital growth and deliver a streamlined customer experience…”
The MoneyGram CEO also stressed the importance of the cross-border digital growth, tagging it as key strategic necessity that suppose to continue for the progress of the industry.
“Cross-border digital growth is a key strategic priority, and we will continue to lead the industry with innovative products and services,” Alex Holmes concluded.
The update also stated that the partnership with Visa Direct will make payment service available to over 1 billion cards used by customers around the world, granting them the enablement to transfer funds in real time.
Additionally, MoneyGram customers will be enabled to send money to other recipients’ eligible Visa-branded debit cards, using the MoneyGram App or website.
The SVP and Global Head of Visa Direct, Bill Sheley, revealed the level of the company’s commitment to support the innovation meant to enhance growth and development in the global payment industry.
He said, “We are committed to supporting the best possible cross-border money transfer experience for consumers and businesses around the world…”
Bill also spoke about the success of the launch phase of the great idea that brought about the innovation, adding that customers’ feedback so far speaks volume.
“The initial launch phase with MoneyGram has been a success. Based on customer feedback to date and seamless integration of Visa Direct into MoneyGram’s digital network, we look forward to continuing the rapid expansion of this service to new markets worldwide.” Bill Sheley concluded.
Benefit of Ripple’s XRP in the Partnership
A couple of months ago, Ripple, the US-based blockchain firm that oversees the distribution of the digital token XRP, sealed a strategic partnership with the global money transfer giant MoneyGram.
The collaboration that cost Ripple about 50 million USD is stipulated to last for 2 years. This partnership also promised the full use of the digital token XRP.
The XRP community members are obviously elated about the partnership between the Ripple’s notable partner, MoneyGram and Visa, knowing fully well that the collaboration is all about cross-border money transfer, which is seemingly the area of specialization of XRP.
However, it was not stated in the latest partnership between the duos that Ripple’s digital token XRP will be part or fully involved in the operation. All the same, it remains a good news for XRP enthusiasts that yearn daily for increase in liquidity for the cryptocurrency.