MoneyGram has launched a new online platform called MoneyGram Online (MGO) in Brazil, allowing Brazilian users to send money internationally via MoneyGram.
This service allows for almost real-time transfers to friends and relatives overseas and offers a variety of payment options customized to the recipient’s needs, including deposits to accounts, mobile wallet payments, and cash pickup at retail locations. Additionally, MoneyGram is not charging any transaction fees for this new service.
MoneyGram launches MoneyGram Online in Brazil via Frente Corretora – “developed in partnership with #Ripple.” They are partnered with Travelex – Ripple’s major #XRP ODL partner Bank in Brazil.
MoneyGram/Ripple did say “committed to revisiting our relationship on the future” ???? pic.twitter.com/T1upPgB35j
— Tehol_Beddict_XRP (@TeholBeddictXRP) December 21, 2022
Alex Holmes, MoneyGram’s Chairman and CEO commented on the development:
“As we continue to execute our strategy to grow and expand MoneyGram Online geographically, I am thrilled to announce that our website is now officially live in Brazil.”
MoneyGram announced that its partnership with Brazilian FinTech company Frente Corretora is critical to the smooth operation of its newly launched payment service.
This news comes after Ripple’s announcement in August that Frente Corretora is also a partner. As a result, XRP owners are pleased that the company will be able to leverage Ripple’s On-Demand Liquidity (ODL) service, which uses XRP as a bridge currency.
According to reports, MoneyGram has over 1,000 retail outlets throughout Brazil and has provided its customers with cross-border payment services for the past 25 years.
This is not the first time that MoneyGram will be utilizing Ripple’s ODL service. The two companies entered into a partnership in 2019. At that time, the service was referred to as “xRapid” for cross-border payments.
However, the partnership was terminated in March 2021, shortly after Ripple was sued by the US Securities and Exchange Commission for allegedly issuing and selling unregistered securities.
Holmes added:
“We’re confident that this launch will enable us to capture growth from new customer segments, deepen relationships with established customers and create tremendous value for years to come.”
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