MoneyGram Will Become The Leader Of The Remittance Market In India

MoneyGram will try to become the leader of the remittances market in India since it is backed by Ripple so let’s find out more in today’s Ripple news.

After forming the strategic partnership with EbixCash, Moneygram will aim to become the biggest market share in India according to the Hindu Business Line. Cross-border payment systems will help the Indian economy connect to worldwide services and take the larger part of that market. So far, MoneyGram met a lot of problems spreading to the Indian market and according to Alex Holmes the CEO of MoneyGram, the partnership will solve the problems of money transfers. EbixCash is one of the better fintech networks encompassing multiply preloaded and general payment services. The platform is one of the latest partners and will connect India’s payment ecosystem with Ripple, Inc.

The San-Francisco based company invested about $50 million in MoneyGram in the summer of 2019 and continued to expand and to link the space of cryptocurrencies with regular payment systems. The platform Is now in experimental stages of using the RippleNet’s ecosystem and has announced a lot of plans to utilize the on-demand liquidity system. If this happens, the platform will become the perfect position to deliver the Ripple protocol and show the many benefits in real-world usage.

MoneyGram will capitalize on the increased usage of electronic wallets as well and fintech payment solutions. India has also become one of the larger markets that started adopting digital asset solutions but they are competing with the local usage of cash as well as local payment systems. India rejected using the Libra stablecoin but they don’t consider it as a threat since it is not issued yet. Ripple’s solution may be the first distributed solution that will arrive on the market. Despite the low XRP prices, ripple continues to position itself as the best fintech solution provider which can also launch its own IPO in the near future.

MoneyGram remains the flagship business and has a huge share of the international remittances capitalizing on the well-known brand. The price of XRP stabilized around $0.22 on the small trading volumes of $1.6 billion. The altcoin waited for the verdict on the status to form security or another type of asset and this kept investors’ interest low despite the previous expectations that XRP usage will increase.