MoneyGram Joins Visa to Present Instant Payments without Ripple and XRP Assistance
The most recent release from MoneyGram is an instant payment service that uses the power of Visa’s payments to transfer money. Although the platform has been using Ripple’s XRP as a remittance network, MoneyGram does not include XRP in its new service.
The name of MoneyGram’s new instant remittance platform is FastSend, and it allows its users to send money just by using the name and phone number of the recipient.
Moneygram is using Visa payments to facilitate fast transactions and improve the user experience of FastSend.
After sending the money, the recipient gets a text notification of the funds sent and can instantly withdraw the money through the MoneyGram App and using the Debit card.
The transaction fee per transaction leveraging FastSend is $1.99, with the maximum value per transaction being $10k.
This service is currently available in a limited number of countries, like transfers within the United States and settlements from the US to Spain. However, MoneyGram is still trying to create ways to expand the service into the global market.
Currently, ripple has a good investment in MoneyGram, valued at $50 million. The platform uses XRP to move 10% of its daily volume between the US and Mexico.
Although the FastSend option does not support XRP, Alexander Holmes, MoneyGram’s CEO, noted that introducing instant Ripple settlements is their long term objective.
Moreover, Holmes noted that MoneyGram currently uses XRP to move dollars to pesos, and they anticipate great long-term returns.
His remarks also suggested that it’s easier now to transfer money using the Fastsend product.