We heard the story a few days ago and wanted to wait until a mainstream/reliable news outlet reported on it, just in case it was BS.
We can definitely confirm today that MoneyGram, whose payment system runs on XRP has struck a major deal with VISA.
Visa & MoneyGram share a common goal of providing customers with a fast & reliable way to pay and be paid
Bill Shelley Global Head of Visa Direct
Earlier this year Ripple partnered with remittance company MoneyGram with a $30 million investment.
In an announcement yesterday, MoneyGram is to launch a debit card which works with Visa’s real-time payments platform VisaDirect.
The new card will allow MoneyGram customers to instantly transfer money to 1 billion Visa cards on the vast network.
They will also be able to load their Visa Debit card over the app or the website at a cost of just $1.99 per deposit.
As it happens, Ripple, a company focused on using the XRP cryptocurrency, & MoneyGram, which is the second-largest money transfer company worldwide, also share that common goal.
Ripple and MoneyGram joined forces in June 2019 with the company using xRapid which utilizes XRP, Ripple’s digital asset.
This, in contrast to over 100 banks and financial institutions using xCurrent, the fiat exchange ‘tester’ system which does not use XRP.
Visa has been very crypto wary over the past few years but this seems to have ended with this partnership, and their CoinBase Debit card.
One thing is certain, Visa will not want to miss out in this new payments arena. Read the full story HERE
In the light of the recent acquisition of the payment service operator MoneyGram by Ripple, many in the XRP community believe that this debit card service will utilize XRP for fast money transfers.
At present, the service is only to be released in the United States but plans are in place to expand to other regions.