- MoneyGram Marks 161% Spike in Transaction Growth in September Alone
- Could Their Partnership With Ripple be Responsible for this Increase in Transaction?
Ripple News Today – When Ripple announced a partnership with MoneyGram, the entire XRP community was happy and looked forward to the positive benefits of this partnership with Ripple. At the time, MoneyGram’s stocks increased significantly. Since then, MoneyGram has continued to record major progress and advancements in the remittance field. Their focus on digitalization has been welcomed by their customers across the globe. In September, the company recorded a 161% surge in transaction volume. This was the ninth consecutive month that MoneyGram was recording a 3-digit spike in transaction volume Members of the XRP community have been debating on the primary cause of this spike.
Ripple News Today – Is MoneyGram’s Partnership With Ripple the Cause of the Transaction Spike?
In a press release by Alex Holmes, the CEO of MoneyGram said that there has been an incredible increase in the number of active users on the website. In his words;
“Over the past few months, we have continued to drive a phenomenal increase in monthly active users on our leading app, as our customers remain loyal to our unmatched user experience and continue to refer their friends and family to the trusted MoneyGram brand.”
Making digitization a priority has allowed MoneyGram to compete with new generation fintech firms. Part of this digitization was the partnership MoneyGram entered with blockchain services firm Ripple. Everyone knows that Ripple’s services make things easier and cheaper for traditional financial institutions without risking security. So, it’s safe to say that Ripple’s relationship with MoneyGram has been more than productive and would continue to benefit the firm in the long run. As the transaction volume on MoneyGram increased, the MGI stock also increased by more than 13%.
A while ago, MoneyGram announced that it was expanding its already existing partnership with Walmart. Both companies have been working hand in hand since 2018 on a remittance service. Thanks to strong partnerships over the years, MoneyGram has survived several economic difficulties including the Coronavirus-influenced recession in 2020.
While many other remittance companies have been recording a decline in profits and stock prices, MoneyGram has been progressing. In June, there was a rumor about a possible takeover of MoneyGram by Western Union. The MGI stock increased by more than 74%. The last time the company saw a significant decline in stock prices was during the 2008 economic meltdown when it fell by more than 96%. Ripple has a 10% stake in MoneyGram. So, it’s safe to say that MoneyGram’s progress is beneficial for Ripple as well.