Media: Western Union may take over Ripple's partner MoneyGram
According to the news agency, MoneyGram received a corresponding offer, but has not yet made a decision. It is not excluded the option of Western Union's refusal from a possible transaction.
Bloomberg notes that the business of companies from the sphere of money transfers is experiencing bad times due to the growing popularity of online payments. Competition has intensified after the appearance of fintech companies and pressure from authorities to reduce commissions for cross-border transfers.
One of MoneyGram shareholders is Ripple, which owns 9.95%. The payment company uses its On-Demand Liquidity solution for transborder transfers, receiving XRP cryptocurrency as a reward.
Earlier, Western Union tested the possibility of making payments based on Ripple technology. The payment giant also said it would be willing to work with bitcoin and other cryptocurrencies once blockchain becomes ubiquitous.