Walmart to develop an international money transfer marketplace with Ripple partners
- Walmart will reportedly extend the existing deal with MoneyGram.
- According to Walmart, this will increase the number of payout options and payout locations.
- XRP/USD reaction indifferent to the news.
Walmart recently announced its plans to develop an international money transfer marketplace with its Walmart2World customers. Walmart will reportedly extend the deal it had with MoneyGram. It will also add Ria to transfer international funds at any of the big-box retailer's 4,700 U.S. stores. Walmart will extend its existing agreement with MoneyGram until 2021.
According to Walmart, this will increase the number of payout options, payout locations and provide more competitive foreign exchange rates. Wilbert Noronha, vice president, financial services at Walmart, said:
When we launched Walmart2Walmart and Walmart2World our goal was to create a platform with money transfer principals that enabled customers to have more choice when transferring money to friends and family around the country and the world. The addition of Ria at Walmart2World, which creates a competitive platform for exchange rates that we believe will help deliver more value, is simply the next step in our journey.
Alex Holmes, CEO at MoneyGram, also said in the release:
Walmart's vision of creating a marketplace for financial services will benefit consumers through pricing and payout options, and we believe that our leading brand and competitive foreign exchange rates will help drive the future success of the marketplace.
In the announcement, MoneyGram officials said that the white label Walmart2World product amounted to about 9% of its total revenue in the third quarter. However, they were not certain about how much this new move would be of significance for the business.
Juan Bianchi, CEO of Ria, said that the company was thrilled that Walmart chose to expand its money transfer service with them. He stated that it would grant them more choice and the most economical and transparent fund transfer option.
XRP/USD daily chart
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XRP/USD has so far gone down from $0.3018 to $0.301, completely negating the gains it made this Wednesday. The price has found support at the 20-day Simple Moving Average (SMA 20) curve. The price is still comfortably trending above the SMA 50 curve.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
