- Walmart Expands its Money Transfer Services Using Ripple’s Partners, MoneyGram & RIA
- Walmart’s Walmart2WORLD Likely to Run on Ripple’s On-Demand Liquidity
Walmart is expanding its money transfer service using two of Ripple’s partner. The American retail giant Walmart has revealed its plans to expand its money transfer services proceeding partnerships with Ripple partners MoneyGram and RIA. The expansion will permit customers using its payment service Walmart2WORLD to select which provided they prefer to send money with when making an international transfer. With the incorporation with two of Ripple’s partners, Walmart is developing a marketplace for money transfer services.
Both MoneyGram and RIA work with Ripple and use its services for some of their cross-border payments. MoneyGram uses XRP for some of its payments made between the U.S and Mexico, according to the statement by Walmart, customers will be able to access them in the coming weeks across all of its 4.700 U.S stores.
In the issued press release, the vice president of financial services at Walmart U.S Wilbert Noronha stated that: “When we launched Walmart2Walmart and Walmart2World, our goal was to create a platform with money transfer principals that enabled customers to have more choice when transferring money to friends and family around the country and the world.” Also, Walmart asserts that the services will “offer customers even more choices for payout methods, more payout locations around the world and more competitive foreign exchange rates.”
Walmart’s Walmart2WORLD Likely to Run on Ripple’s On-Demand Liquidity
Currently, MoneyGram and RIA are significant partners for Ripple, with their digital payment services run by its remittance services xCurrent and xRapid, which uses XRP. Previously in May, Ripple partnered with RIA to allow “instant, blockchain-powered global payments.” The incorporation with Ripple was created to offer users with end-to-end tracking, a better outlook into fees and projected delivery time.
XRP (XRP) Price Today – XRP / USD
# Name Price 24H % 3 $0.220
A month later, Ripple obtained a $50 million stake in MoneyGram. It now uses xRapid, part of Ripple’s blockchain-based services, to resolve some of its international payments in XRP. It is currently doing so in the US-Mexico channel and will be expanding to more countries soon.
Since launching its money transfer platforms in 2014, Walmart claims to have saved an estimated $1 billion in total costs. There is a high possibility that the current Walmart’s system Walmart2Worls will also run on Ripple’s On-Demand Liquidity as both MoneyGram and RIA run on them too. The head of Euronet’s money transfer commented on the incorporation, he went thus: “We are excited Walmart has chosen to expand its relationship with RIA in their mission to provide customers more choice and the most economical and transparent services at the best price.”