Ripple Net Member Money Gram has registered 81% growth in digital remittances. Amid the CoVid Pandemic, the remittance business has recorded a decline. People have a hard time walking into the banks for making remittances. However, digital remittances and e-wallets have been useful at this point in time.
MoneyGram International Inc., has been providing their customers with digital services to deal with problems involved in transferring money.
Kamila Chytil, COO of MoneyGram, stated, “By the end of the first quarter in 2020 MoneyGram noted a 57% hike in digital transaction year-on-year, as walk-in transactions fell. However, 18% of the total growth was contributed by remittance transactions.”
Sydney Ifergan, the crypto expert, tweeted: “Ripple XRP is working out the best in cross-border payments. Investors are worried about the price to the moon for XRP, though. XRP is sure practically active.“
Migrant workers are taking the digital route to send money home. There has been an overall decline in sending money after the decline in tourism due to the pandemic.
While entrepreneurs are happy with the way Ripple XRP services excel; investors are frustrated. Ripple shareholders are doing great. Ripple customers are doing great. ODL exchanges are doing great. Xrp holders are getting smashed year after year.
Ripple Regulatory Clarity and Next Bull Cycle
One of the commentators had a query which read if transactions settle in seconds why Banks want to keep hold of #xrp? Unless #xrp manages to be a global settlement currency for currencies! Again the qsn of stability & volatility. Is #xrparmy really expecting a FOMO from Banks? Regulatory clarity could trigger the next bull cycle!
Asheesh Birla, Board Observer at Money Gram, tweeted: “Glad we all agree that correspondent banking is outdated in every sense – opaque, expensive and slow. Consumers deserve transparency. Great to see CFPB recognizing RippleNet’s capabilities and the use of XRP for cross-border payment settlement in this regard!”
There are many who opine that with more than half the world living on less than $6 a day, it is RippleNET and XRP time.
When discussing XRP ownership, commentators have to express that XRP is a different animal, and it needs to be high value to be really useful in the digital economy. Many private investors are buying XRP right now, and the interest in XRP is higher than before.
Comically, investors are concerned if China implements their e-yuan as being a game on XRP. Though the idea of e-yuan being a scam, some opine that this will become a reality in a few years with several other countries following suit.
No matter what, XRP is continuing to speed up transactions around the world, in a way transforming global payments with digital assets.