Ripple’s Biggest ODL Partner Reports Record-Breaking Transaction Growth
Roughly half a year after initially launching a partnership with Ripple, MoneyGram announced record holiday transaction numbers.
The company logged significant transaction growth on MoneyGram-branded online platforms across the first 25 days of last month, according to a press release.
“Between December 1 and December 25, MoneyGram-branded online platforms reported transaction growth of more than 70 percent on a year-over-year basis, with 80 percent of online transactions initiated on a mobile device. Outside of the US, online transactions during the holiday period increased nearly 120 percent on a year-over-year basis. Globally, all of the Company’s major online markets achieved double-digit transaction growth during the holiday period.”
MoneyGram partnered with Ripple and began using its XRP-powered payment solution, On-Demand Liquidity, this past summer.
In return, Ripple committed a $50 million equity investment in the money transfer company. Said Alex Holmes, MoneyGram Chairman and CEO, in November,
“Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry — for the first time ever, we’re settling currencies in seconds. This initial success encourages us to expedite expanding our use of On-Demand Liquidity. Partnerships with companies like Ripple support innovation and allow us to invest in creating better customer experiences. I anticipate furthering our growth into new corridors and exploring new products and services.”
As of November, MoneyGram was moving approximately 10% of its Mexican peso foreign exchange trading volume through Ripple’s liquidity product, according to an SEC filing. The company says it’s also beginning to facilitate XRP-powered transactions in the Philippines, Europe and Australia.