- MoneyGram announces a partnership with E9Pay, a large money transfer company in Korea.
- E9Pay customers will be able to utilize MoneyGram’s services to transfer funds to over 200 countries
Ripple partner MoneyGram announced a partnership with E9Pay, a large Korean payment company, Tuesday morning. The partnership will allow E9Pay customers to send funds to over 200 countries using MoneyGram’s platform.
E9Pay has a strong culture of innovation with a loyal customer base of avid users, and this partnership enables E9Pay customers access to our global platform, including our account deposit capabilities.Alex Holmes MoneyGram Chairman and CEO (MoneyGram)
This may also be a boon for Ripple adoption as the company has been implementing Ripple’s services to help facilitate global remittance.
Moneygram Ripple Partnership
The MoneyGram E9Pay partnership is significant for Ripple. MoneyGram is one of Ripple’s largest partners. The global payment platform utilizes Ripple’s on-demand-liquidity (ODL) and RippleNet, to facilitate cross-border payments.
During Ripple’s SWELL conference last year, CEO Alex Holmes talks about Ripple and MoneyGram.
We’re looking now in a lot of the Asian markets. So we’re looking at the Philippines, the interface with Australia, having conversations with Japan, other countries.
One of the most inefficient things about our settlement process in being a US company is that everything is always reverting back to US dollars. It doesn’t make a lot of sense if you need Australian dollars and you need Philippine pesos and you need US dollars. Why can’t you sort of pare those off and just net it through an XRP platform?Alex Holmes MoneyGram Chairman and CEO (MoneyGram)
With Holmes’ comment on XRP and Asia, Ripple may directly benefit from MoneyGram’s latest partnership with E9Pay. During the conference, Holmes also mentions about 10% of MoneyGram’s Mexico volume flows through Ripple’s ODL. This comes as the Ripple-Mexico corridor is one of Ripple’s most active corridors.
Ripple also owns a 9.95% stake in MoneyGram following a large investment during the partnership.
Disclaimer: Content displayed on thecryptoassociate.com is not investment advice. Investors should do their own research before investing in digital assets or anything displayed on this site. The Crypto Associate does not recommend trading any sort of investment in cryptocurrencies and digital assets. The Crypto Associate is not responsible for any losses incurred due to the buying or selling of cryptocurrencies displayed on this site. All content is for informational purposes only. The Crypto Associate does not endorse, affiliate or represent any third-party links including advertisements. The Crypto Associate participates in affiliate marketing. Read the full disclaimer