MoneyGram International has launched a new remittance service in Brazil as part of a new partnership with Frente Correta, one of Ripple’s main partners in the country. The $XRP community reacted positively to the new service.
According to a recent press release, the new partnership resulted in the launch of MoneyGram Online in Brazil, which allows users to send funds from the country in “near real-time” to family and friends all over the world. The funds can be obtained through a “suite of options designed to meet their unique needs,” including puck-ups at retail locations.
Users will not be charged any transaction fees when using the service. MoneyGram Chairman and CEO Alex Holmes was quoted as saying:
This is a significant growth opportunity for MoneyGram to capture market share in a country with one of the largest populations in the world. As we approach the start of the new year, we’re set up for success.
MoneyGram already has a “leading presence in Brazil,” according to the document, with over 1,000 retail locations across the country. Users can send money while on the go with the new app.
While neither Ripple nor the $XRP token are mentioned in the press release, it does state that the service is made possible by a collaboration with Frente Corretora, a startup that uses Ripple’s technology to offer low-cost money transfers.
MoneyGram’s previous partnership with Ripple makes the announcement even more pertinent. MoneyGram and Ripple have been working together since 2019, but months after the SEC sued Ripple, MoneyGram announced it would suspend trading on Ripple’s platform.
MoneyGram distanced itself from Ripple prior to the announcement, stating that it continued to use other traditional foreign exchange trading counterparties and was not reliant on the Ripple platform to meet its foreign exchange trading needs. It also stated that it did not use Ripple’s $XRP-based solution, on-demand liquidity, or RippleNet for direct customer funds transfers.
Last year, MoneyGram revealed it will let its customers buy and sell bitcoin at its 12,000 retail locations throughout the U.S. thanks to a new partnership with cryptocurrency exchange and ATM operator Coinme.