There are many remittance companies in UAE, Saudi & Oman where migrant workers send their salary back home to India, Pakistan, Bangladesh, Nepal & Philippines. UAE Exchange being the major player there. Many of these companies might want to signup for Ripple because they can avoid the middlemen (what if Ripple becomes the middlemen ?) , thus more profits while keeping the fees low for customers and have rapid money transfer rather than waiting days for bank clearance.
The problem in implementing this is the origin & destination country should have legal mechanisms in place to operate this. Many low income migrant workers use schemes called "Hawala" , "Hundi" to avoid the fees charged by the remittance companies.
Maybe RippleNet can work in favor for both consumers and providers. Do keep in mind that RippleNet is not the same as XRP. The remittance houses will have to maintain Nostro and Vostro accounts for funding which I believe is currently maintained in USD. They can switch this to XRP to avoid those transaction fees and overhead.
More than that MoneyGram is a loss making entity with a negative equity. This is just an attempt by MoneyGram to pull a Kodak (last ditch attempt to stay afloat by attaching itself to "cypto" currency bandwagon)
This is pretty much exactly Ripple's use case, and remittances are a huge deal. So, progress! :)
I'm amazed MoneyGram is still in business. I had to deal with them last week and it was hell.
Their reliance on phone support for most operations is absurd. I saw five people attempt to use the kiosk - and all were required to call phone support for various reasons! The kiosk complained about DOB missing (date of birth I guess?), yet there wasn't any field left unfilled. Changes in unpaid/draft transactions resulted in duplicate ones instead, and they could only be deleted by calling support. The kiosk software was filled with dumb errors like that. I could go on an on.
Using cryptocurrencies seems like a good idea, but I'd bet just improving the kiosk software to make phone support a rarity instead of practically a requirement would be way more efficient at reducing cost.
many people at work at "investing" in ripple, they all got rather excited when the value spiked 25% this afternoon.
"This time next year Rodney, we'll be millionaires."
Amazing that there is supposed to be a $100B of value here and the big announcement is a pilot program.
I've not used MoneyGram in many years, but as I recall the friction is account set-up, authentication and funding the transation --> authentication and account set-up to receive funds. I don't think Ripple removes those choke points.
Non-paywalled article: https://techcrunch.com/2018/01/11/ripple-announces-an-actual...
Update: They have only decided to do some prototyping, not a full on deployment. https://themerkle.com/moneygram-confirms-xrp-integration-is-...
Are there any other blockchain use cases at scale more than that of RippleNet?
Hacker news flags anything from non liberal sources.
Personally, I hope OMG will become the go to for remittance in the crypto world. Much prefer something decentralized and community focused.
Same question: Are they using XRP?
Brad Garlinghouse reminds me so much of Dick Costolo. He'll keep allowing Ripple Deals(bots) to increase the valuation of the company unwarranted.
The banks and no-one I've talked to in fintech has indicated to me any serious adoption of XRP.
Ripple will be the last cryptocurrency standing when all the dust settles simply due to it being the favorite of the global banking cartel.