Step from MoneyGram to Upset Ripple (XRP) Investors

MoneyGram, the money transfer company, has commissioned a fast wire transfer service called FastSend for its customers. What's surprising about Fastsend, which was announced on Thursday, is that the service will use Visa, not ripple's technology or crypto money. Ripple, as it is known, had made a $ 50 million investment in MoneyGram in June in exchange for a commitment to start using XRP in cross-border money transfers. The company seems to have upset some XRP investors by rolling out a product that could be seen to rival it, even though it uses XRP on a small scale on the one hand. In August last year, MoneyGram CEO Alex Holmes announced that MoneyGram was trading on its XRP-based xRapid platform. It also stated that 10 percent of transactions in the Mexican corridor were done with XRP.

MoneyGram and Visa's deep collaboration

MoneyGram's deep partnership with Visa is striking. The company had announced a new debit card deposit service with Visa in September. The service made it possible for MoneyGram customers to transfer money to their MoneyGram and Visa cards. FastSend, which allows MoneyGram users to send money in real-time on a platform where Ripple is not used, has raised the question of whether there is a conflict of interest.