During the yuletide period, world-leading remittance company MoneyGram, a staunch partner of Ripple, recorded a ground-breaking online transaction growth, a report has confirmed.
Between the period of December 1 and December 25, the number of transactions performed on MoneyGram-branded online platforms surged significantly, recording a record-breaking growth of 70% on a year-over-year basis.
The holiday shopping season was regarded as a tremendous time for the Ripple-invested remittance company, with 80% of the transactions done via mobile devices.
The report indicated that online transactions outside of the United States surged by almost 120% on a year-over-year basis, and major online market transactions of MoneyGram significantly rose by almost 100%.
MoneyGram, a company where Ripple owns 10% stake, revealed that the estimated 3.2 billion smartphone users and changing customers’ behavior have called for transformation, such as investing in its digital business and in key international markets.
“As part of our digital transformation, we’re on a mission to mobilize the movement of money,” MoneyGram CEO Alex Holmes said.
“The success of our mobile app throughout the year, and especially during this holiday season, demonstrates the value consumers place not only on our user experience but also on our global distribution network.”
Before partnering with Ripple, MoneyGram released its restyled mobile application which has now garnered over 1.6 million downloads. MoneyGram has also extended its reach, allowing users to send and receive money in over 60 markets.
“We view our digital business as a start-up powered by a leading brand,” MoneyGram Chief Operating Officer Kamila Chytil said. “Our app is enabling us to reach a new customer segment, and we’re continuing to invest in the digital business to bring our leading capabilities to more consumers across the globe.”
MoneyGram collaborated with Ripple in July 2019, after the blockchain firm invested $50 million in exchange for equity, and it was agreed that MoneyGram would use Ripple’s XRP for settling transactions via xRapid.
In an interview by Julia Chatterley on CNN’s First Move, Alex Holmes the CEO at MonegGram said about $100 million cross-border transactions were performed by the remittance firm using Ripple’s On-Demand Liquidity (ODL) within 6 months of the partnership.