Following this collaboration, customers can use MoneyGram’s website to send funds from Brazil in near real-time to family, friends or acquaintances around the world. The recipients will receive the money through the MoneyGram suite of options, all designed to offers different services in order to meet their needs, such as money wallet, cash pick-up from retail locations, or account deposits.
The clients of MoneyGram will benefit from this service with zero transaction fees, and they will have the possibility to send money while on the go.
This partnership was made with Frente Corretora, one of the main partners of Ripple, real-time gross settlement system, currency exchange and remittance network created by Ripple Labs, an US-based technology company. The new service was met by the $XRP community in a positive manner. Furthermore, the technology provided by Frente Corretora will offer MoneyGram’s customers low-cost money transfers.
According to World Bank, in recent years the outbound remittances from Latin America have been steadily increasing. The demand for digital solutions increases in Brazil, as the immigration flow has raised by 24% in the past 10 years, reaching 1 million immigrants in the country in 2022. The Brazilian digital remittances fragment is set to grow by nearly 10% in the next five years.
This represents an opportunity for MoneyGram, as mentioned by Alex Holmes, Chairman and CEO of the company, as the market share in a country with a large population will allegedly create a significant growth.
The company had numerous partnerships and launches this year, covering multiple geographies.
In November 2022, MoneyGram had partnered with the financial app BEYON Money to allow customers in Bahrain the possibility to send money internationally in near real-time. The clients in Bahrain can connect to local bank account to review all transactions in one place, access financial insights in order to observe transactions and spending habits, as well as send money abroad to multiple countries around the world.
At the beginning of the same month, MoneyGram announced the launch of a new crypto service on its mobile app, a service that allows users to buy, sell, and hold cryptocurrencies, such as Bitcoin, Ethereum, or Litecoin. This new release follows the launch made by MoneyGram in June 2022, where the company rolled out a new service that allows the clients to buy cryptocurrency using cash, as well as letting them withdraw their crypto sum in cash.
In September 2022, MoneyGram partnered with CreditCare to expand into the emerging markets of the Philippines, Vietnam, and Nigeria. This collaboration came right after the partnership with Mobily Pay, where MoneyGram offered its customers from Saudi Arabia the ability to send money in near real-time, and Mobily Pay increased its existing digital offering by adding new services and scale.
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