Ripple and its partner MoneyGram are expanding their digital currency transfers system
MoneyGram’s share price – Ripple Partner – has risen by 16% on news that the company will partner with Uber to support drivers and couriers during the Coronavirus pandemic by reducing the price of digital money transfers sent to merchants. Family and friends in over 200 countries and territories.
Shares of MoneyGram surged 16% on news it will team up with Uber
MoneyGram Chairman and CEO Alex Holmes stated:
“We’re thrilled to launch this partnership with Uber to serve everyone earning on the Uber platform – many of whom frequently send money back home to friends and family. In fact, this partnership is a direct result of customer feedback, and we’re proud to provide drivers with affordable access to our global platform during this challenging season brought about by the COVID-19 pandemic.”
MoneyGram – Ripple Partner – announced a partnership with Uber
This shows that when the demand for digital currencies increases sharply, MoneyGram is committed to reducing prices for all money transfers made through their mobile apps and websites.
10% of remittance flow from the U.S. to Mexico moving through Ripple
Warren Anderson, head of developer relations at Ripple, said Ripple is slowly beginning to release data on its remittance flow between the two countries U.S.-Mexico. In particular, the company processed upwards of 10% of the total money flow in the US-Mexico corridor through ODL.
“So US-Mexico is one of the largest remittance corridors in the world, and Ripple was seeing upwards of 10% of that flow actually going through our production network.”
This payment process is also supported by the Bitso exchange. In March 2020, Bitso said it handled 2.5% of U.S. money transfers to Mexico.
In a video on Ripple’s YouTube channel, Bitso head of finance Bárbara González Briseño explains how Bitso is changing the way people send and receive money using Ripple’s liquidity solution for cross-border payments.
“It’s this solution that we’re offering to all of our customers, partnering with Ripple and trying to take over the remittance corridor from the US to Mexico.”
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