MoneyGram, a former Ripple partner, and Frente Corretora, a current partner, have collaborated to launch a new remittance service in Brazil with no fees for consumers. MoneyGram Online (MGO), a new service, allows customers to send money from Brazil to any country in the world in near real-time. Account deposit, mobile wallet, and cash pick-up from retail locations are among the services offered by the organization.
MoneyGram Chairman and CEO Alex Holmes remarked:
“We’re confident that this launch will enable us to capture growth from new customer segments, deepen relationships with established customers, and create tremendous value for years to come.”
Brazil is becoming a more active user of cryptocurrencies and digital assets. Latin American remittances abroad have increased significantly in recent years, according to the World Bank.
Furthermore, according to Accenture’s 2022 Global Consumer Payments Research, Latin America is only second to Asia Pacific in terms of the adoption of next-generation payment platforms.
Meanwhile, Brazil ranks ninth in terms of cryptocurrency users. According to Bloomberg, 32.3 million Brazilians, or 19% of the population, use cryptocurrency.
Furthermore, in the SEC v. Ripple action, a recent motion accepted MoneyGram and “third party A’s” request to redact documents filed in conjunction with Daubert filings. This was done to protect Ripple’s confidential business ventures as well as the lawful privacy interests of third parties.
