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MoneyGram recently reported a growth rate of over 100% of the year to year digital transactionson its platforms in Q1 2020, thanks to its recent partnership with Ripple (a leading cryptocurrency platform).

MoneyGram is afast-growingplatform for cross-border P2P payments and money transfers around many countries.

Last year, MoneyGram received $20 million in funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions.

The funding by Ripple completes its $50 million offerings for about 15% stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.

This deal would definitely give MoneyGrams arch-rival,Western Union,a run for its money.Reports from different private sources, seen by Nairametrics showthatWestern Union is now bent on buyingMoneyGramto scaleonitsrobustgrowth experienced lately.

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Recall that XRP(Ripple),the fourth most widely used crypto-asset behind Bitcoin, Ethereum, andTether, had recently gotten the attention of the worlds biggest economy for money remittance.

U.S Consumer Financial Protection Bureau, which plays a major role in protecting Americas consumers in the financial sector,recently acknowledged Ripple by sayingthatitwouldseekcontinued growth and expanding partnershipsof companies such as Ripple.

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Im excited to report that our strong digital growth continued to accelerate in May, highlighting yet again the incredible progress weve made as an organization to focus on our strategy to lead the industry in digitizing the movement of money, AlexHolmes MoneyGram Chairman and CEO said.

Our digital business growth in May is particularly notable as we not only increased our active digital customer base but also continued to see these new digital customers return and transact more frequently due to our seamless customer experience and global platform, Holmes added.

The organic growth of MoneyGrams transactionsalsodeepensits hold on money transfersin 200 countries (70 countries enjoying the digital services).

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