Ripple Partner and MoneyGram Launch New Remittance Service in Brazil

MoneyGram International has launched a new remittance service in Brazil through a new partnership with Frente Correta, one of the main partners of fintech firm Ripple in the country. The new service was positively met by the $XRP community.

According to a newly issued press release, the new partnership led to the launch of MoneyGram Online in Brazil, allowing users to send funds from the country in “near real-time” to family and friends throughout the world. Recipients can receive the funds through a “suite of options designed to meet their unique needs,” including through puck-ups at retail locations.

The service is being launched with no transaction fees for users. Alex Holmes, MoneyGram Chairman and CEO, was quoted saying:

"This is a significant growth opportunity for MoneyGram to capture market share in a country with one of the largest populations in the world. As we approach the start of the new year, we’re set up for success."

The document notes that MoneyGram already has a “leading presence in Brazil” with over 1,000 retail locations throughout the country. The new application allows users to send money while on the go.

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