American cross-border P2P payments and money transfer company MoneyGram has launched an online remittance platform in Brazil.
According to a published statement, customers in Brazil can now leverage the MoneyGram Online (MGO) platform to send funds in near real-time to anyone around the world. Notably, the company has assured that the transactions performed on the website will not attract any extra charge.
Once the sender completes the remittance transactions, the receiver can get the fund through any MoneyGram range of options that seem convenient at the time including account deposit, mobile wallet, and cash pick-up from retail locations.
Chief Executive Officer (CEO) and Chairman of MoneyGram Alex Holmes said “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. This is a significant growth opportunity for MoneyGram to capture market share in a country with one of the largest populations in the world.”
“We are extremely proud of the immersive online platform we’ve built for customers around the world, and our sustained digital growth globally demonstrates that consumers truly value our leading user experience. 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,” the CEO added.
MoneyGram Expands Services With Crypto
MoneyGram is able to deliver this zero-transaction fee service to Brazilians in conjunction with a local fintech company Frente Corretora which doubles as Ripple’s partner.
Citing this connection, many local XRP holders speculate that they may be able to utilize Ripple’s On-Demand Liquidity (ODL) service. However, no mention was made of this plan in the official announcement.
Ripple and MoneyGram were previously in partnership in 2019 when the former had a $30 million stake in the company.
As of December 2019, MoneyGram had processed more than $100 million through Ripple’s XRP-Powered On-Demand Liquidity (ODL). Although the relationship came to an abrupt end last year in the middle of Ripple’s lawsuit with the United States Securities and Exchange Commission (SEC).
Currently, MoneyGram has added Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) to its platform as it expands in the crypto trading sector.
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