Retail Giant Walmart Partners with Ripple Partners MoneyGram and Ria for Money Transfers
Walmart is creating an international money transfer marketplace serving all 4,700 of its US stores
Walmart will be collaborating with MoneyGram and Ria to help its customers save money, announced the retail giant on Nov. 4th exciting Ripple enthusiasts.
An international money transfer marketplace to Serve 4,700 US Walmart stores
Walmart is spread out in 27 countries and more than 275 million customers and members visit its over 11,300 stores and eCommerce websites each week. It employs over 2.2 million associates worldwide.
About five years ago, Walmart started offering its customers a flat, low fee domestic money transferring service called Walmart2World, helping its customers save an estimated $1 billion in total costs.
Now, the company is creating an international money transfer marketplace serving all 4,700 US Walmart stores in collaboration with MoneyGram and Ria.
The service will go live in the coming weeks allowing customers using Walmart2World to choose either of the organizations to make international payments. The idea is to offer customers more choices for payout methods, to more locations around the world, and more competitive foreign exchange rates at a flat, low-cost, and transparent fee.
Help drive the future success of the marketplace
MoneyGram and Walmart have been working together for over two decades and the agreement between the two has been extended through 2021.
sAlex Holmes, Chief Executive Officer, MoneyGram said,
“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.”
As we have seen in the past few months since the MoneyGram’s partnership with Ripple, Holmes lauded the company for the benefits and “perfect opportunity” the “perfect marriage” provided.
Recently, it announced in its Q3 earnings call, that new corridors for Ripple’s ODL, which leverages XRP, will be launched before the year ends.
More choice at a better value when sending money abroad
The addition of Ria, Wilbert Noronha, Vice President, Financial Services, Walmart U.S. said creates a, “competitive platform for exchange rates that we believe will help deliver more value.”
“We are excited Walmart has chosen to expand its relationship with Ria,” said Juan Bianchi, Chief Executive Officer, Euronet’s Money Transfer Segment adding,
“This expanded product offering reflects our great relationship with Walmart and our joint mission to offer customers more choice at a better value when sending money abroad.”
In May this year only, Ria joined RippleNet to enable instant, blockchain-powered global payments.
Though Ripple isn’t mentioned anywhere, the fact that both companies are Ripple partners surely gives the enthusiasts something to be excited about.