This partnership is estimated to provide benefits to umpteen customers using eWallets for daily transactions like sending and receiving the money to family and friends in real-time.
MoneyGram CEO Alex Holmes said that 10 percent of transfers between the USA and Mexico managed by his own on-demand liquidity (ODL) payment solution with Ripple XRP tokens.
Ripple backed MoneyGram International has entered into a lucrative partnership. The global leader in P2P payments and money transfer across the world has joined with Noor Bank. Noor bank is a Dubai Islamic Bank acquisition and Digital Financial Services LLC, which is a joint venture of Etisalat. Moreover, This development is estimated to provide benefits to umpteen customers using eWallets for daily transactions. As of recent, Ripple and MoneyGram reached a $50 million transaction, based on which the cryptocurrency startup acquired a 9.95% stake in the company. MoneyGram obtained an additional $11 million from Ripple in investment.
In November last year, MoneyGram CEO Alex Holmes said that 10 percent of transfers between the USA and Mexico managed by his own on-demand liquidity (ODL) payment solution with Ripple XRP tokens. Ripple announced the development of a payment system with the UAE Exchange and took its first step in 2018 towards the UAE market.
According to Grant Lines, the Chief Revenue Officer at MoneyGram, the company has partnered with those having a similar strategy. He further added Etisalat has also digitized its business to keep up with the demands of tech-savvy customers in the UAE.
The objective of the Partnership
They are enthusiastic to build a stronghold on the Middle East market which will result in speedy development in terms of digital aspects. Through their customer-focused strategy for one of the largest outbound remittance countries in the world. Furthermore, their partnership shall prove to be highly beneficial to the sophisticated lifestyles of customers.
Customers can only gain satisfaction from this alliance as they are already provided many flexibilities by eWallet. Additionally, With joint forces, this could be a potential game-changer for the company.
Boon for Ripple
The partnership between Ripple backed MoneyGram and UAE’s Noor Bank Likely to pave the path for Ripple’s widespread adoption in UAE. Thus, the partnership with Moneygram will further open new corridors for ripple and XRP. Recently, Ripple partnered with the National Bank of Fujairah PJSC (NBF) to facilitate cross-border payments via the RippleNet.