XRP plays a key role in the digital transformation of MoneyGram

Money transfer company MoneyGram said the Ripple token is a key part of their plan to expand digital transfers.

According to a new report from PaymentsSource, MoneyGram’s chief operating officer, Camila Chitil, is focused on ‘ expanding MoneyGram’s digital offerings and improving the efficiency of operations, for example by partnering with Ripple to use XRP for instant FX settlement.

In the past two months, the Texas-based payment company has seen a leap in its digital transactions amid the panic caused by the coronavirus.   

For the first quarter, MoneyGram reported an increase in digital transactions of 57% on an annual basis and a decrease of 6% in physical transactions. At the end of Q1, digital transactions accounted for 18% of all MoneyGram transfers.

Last month, digital transactions jumped 81% year-over-year, with online transfers accounting for 28% of transactions. 

The company said XRP powered 10% of their transfers between Mexico and the United States.

Chitil says the boom in digital transactions is due to the company’s early steps toward adoption. 

“Before, MoneyGram was  very focused  on transactions. We knew where the money was going and who was sending it, but we didn’t focus on things that are key to being customer focused… We started communicating with our digital customers in a personal way in their language via email, texting and chat. It was a lot of work, but it paid off. ”