On Tuesday, April 3rd, Walmart and Moneygram partnered to launch a new global money remitting service known as Wallmart2World. This is good news for the Ripple (XRP) community for Moneygram had already partnered with Ripple in early January. Moneygram is testing out Ripple’s xRapid payment solution that comes with all the good properties of Ripple: secure on the blockchain, fast (3.3 seconds per transaction) and cheap ($0.0004 per transaction).
Wallmart2World is scheduled for launch in all 4,700 U.S Stores with three key features to differentiate the service to any other global wire service out there:
- Unique Pricing Structure: Wherever you are in the United States, and to wherever you are sending money, the new, low fees for Walmart2World are the same – $4 to send up to $50, $8 to send $51 to $1,000, and $16 to send $1,001 to $2,500. This is unlike other international transfer services that change the fee to transfer money based on where sender and/or receiver are located.
- Highly Competitive Exchange Rates: Walmart is committed to ensuring customers receive a more competitive foreign exchange rate when transferring money using Walmart2World. The new Walmart2World low fees, combined with these great exchange rates deliver incredible value for international sends.
- Delivery Within Minutes to Worldwide Network: Compared to other international wire services that can take up to three days, Walmart2World will deliver funds in 10 minutes or less, whether the receiver opts to pick up the money at any one of MoneyGram’s agent locations in 200 countries, or an international bank or mobile wallet account.
How big is Walmart?
Walmart is one of the largest multinational retail corporation that was founded in 1962 and continues to grow its wings around the globe. Walmart is currently in 28 countries with 11,718 stores. It is also the world’s largest company by revenue: approximately $48 Billion according to Fortune Global 500 list in 2016.
How big is Moneygram?
Moneygram is the second largest provider of money transfers in the world. It operates in over 200 countries with a global network of approximately 347,000 agent offices. The company’s revenue according to 2017 data was estimated at $1.6 Billion with a reported growth of 25% the same year.
Moneygram is testing xRapid. What is it? And when will it be integrated?
xRapid uniquely uses a digital asset, XRP, to offer on-demand liquidity, which dramatically lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments.
There has been no definite date as to when the testing will be completed and full integration of xRapid into Moneygram services. When the testing is complete and xRapid is utilized, this could be the moment for XRP once again in the markets.