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Walmart and Moneygram for global money transfers.


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1 hour ago, Jan said:

I used to work at a Western Union outlet back in 2008-2009. At that time, WU offered ten minute service for cash pickup globally. I literally sent money through their banking software and sometimes the cash was already withdrawn before my customer left the counter.

How expensive was it?

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Although wal-mart stated that they are not using xrapid they are using moneygram platform for global transfers, we just need the confirmation of moneygrma that the pilot of their testing with xrp is funcional in the end wal mart is going to use xrp via moneygram platform.

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2 hours ago, Coretex said:

Confirmed this is not using xRapid.

 

The tweet does not actually say that, specifically. It just says that it is not related to the pilot/test with Ripple. 

They are GOING LIVE RIGHT OFF THE BAT. Moooooooooaaaaarrrrsssss here we come! haha

/sarcastic

On a serious note though, I find the phrasing very strange "W2W product is not related in any way". What does this even mean? It's not related to Ripple, not to any product from Ripple, or just not the Pilot? 

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24 minutes ago, Vesm said:

The tweet does not actually say that, specifically. It just says that it is not related to the pilot/test with Ripple. 

They are GOING LIVE RIGHT OFF THE BAT. Moooooooooaaaaarrrrsssss here we come! haha

/sarcastic

On a serious note though, I find the phrasing very strange "W2W product is not related in any way". What does this even mean? It's not related to Ripple, not to any product from Ripple, or just not the Pilot? 

To me, since this is a front end service, MoneyGram locks in a service contact.  Then if MoneyGram pilots are successful and they can save money on the backend in the future - they will.  They are not looking to pass those savings on to Walmart. MG probably wanted a longer deal knowing what is in the pipeline.

http://ir.moneygram.com/releasedetail.cfm?ReleaseID=1062637

Quote

The companies also renewed their long-term agreement to offer all MoneyGram products and services at Walmart for two more years. 

 

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1 hour ago, PG1 said:

To me, since this is a front end service, MoneyGram locks in a service contact.  Then if MoneyGram pilots are successful and they can save money on the backend in the future - they will.  They are not looking to pass those savings on to Walmart. MG probably wanted a longer deal knowing what is in the pipeline.

http://ir.moneygram.com/releasedetail.cfm?ReleaseID=1062637

 

I agree! Makes much sense :)

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https://news.walmart.com/2018/04/03/walmart-changes-the-game-again-with-new-global-wire-service

I'll just park that there.

Read it and you'll note it says, by Walmart themselves, that funds can be in an international bank account within 10 minutes.

 

Quote

Delivery Within Minutes to Worldwide Network: Compared to other international wire services that can take up to three days, Walmart2World will deliver funds in 10 minutes or less, whether the receiver opts to pick up the money at any one of MoneyGram’s agent locations in 200 countries, or an international bank or mobile wallet account.

If that's not using XRP then could someone please tell me what it is?

It's got XRP written all over it. 

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7 minutes ago, xrp-pat said:

https://news.walmart.com/2018/04/03/walmart-changes-the-game-again-with-new-global-wire-service

I'll just park that there.

Read it and you'll note it says, by Walmart themselves, that funds can be in an international bank account within 10 minutes.

 

If that's not using XRP then could someone please tell me what it is?

It's got XRP written all over it. 

I’m quietly confident (and overly optimistic) that when the relevant regulations are in place we will receive a string of announcements (xrapid related). There is so much going on behind the scenes. 

I completely forgot about this tweet too 

EE2DA35B-860D-4738-918D-FFFD7F99B0CA.thumb.png.e7273b248bd534557aa941109cdd5172.png

Look at this image and tell me that Brad doesn’t already have TransferWise wrapped up. 

 

 

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11 minutes ago, OzAlphaWolf said:

People honestly believe MG or WU are going to signal to each other how advanced their Ripple integration plans are? That's cute.

They will deny until the moment of go-live.

Exactly. Walmart have given the game away to those in the know by advertising a ten minute or less international bank transfer for much less cost than a normal swift. Oh, and the two to three days time saving! Of course it's Xrp! 

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13 hours ago, Hodlezerper said:

Of course.

If a lack of liquidity makes sending money incredibly expensive (it does) then increasing that liquidity will make it less expensive.

If there is such a way to get many many people into a system that is exhangeing value in a given currency (liquidity) then you’ll increase that liquidity and make it easier to get in and out of a given currency.

Lack if liquidity (which is also a technological issue) is a major problem. 

Liquidity had given the United States power and authority since after World War II. Liquidity is key.

Cant run an engine without oil... ;)

Yes I understand but I still disagree. Of course, like I mentioned previously, this is not a black and white issue. Still, I think I add value by making these arguments as I still don't see the connection of some of the previous comments to reality. Even Ripple's marketing material seems to contradict the logic behind them. 

So some more food for thought and probably end it here. No point becoming bothersome plus I wanna look into other threads as well :)

 

If there is such a way to get many many people into a system that is exhangeing value in a given currency (liquidity) then you’ll increase that liquidity and make it easier to get in and out of a given currency.   - Which Ripple solution does this for many people?

Lack if liquidity (which is also a technological issue) is a major problem.  - Ripple wants to solve this issue for intermediaries. Not individuals. Yes, to some extent some capital can be freed but there is generally an overestimation in some of these threads,  regarding the impact on the everyday life of a citizen. Those savings are far more likely to manifest as dividends and bonuses and investments back into operations, than any grand benevolent financial inclusivity scheme. Here's a counter example greater automation = greater global and evenly shared financial prosperity ? Actually no. Primarily we only see the top tier wealthy getting wealthier and corporate tax evading coffers and/or treasuries growing. 

Liquidity had given the United States power and authority since after World War II. Liquidity is key.   I would argue that the US is has acquired those things, through the number and size of their weapons and the fact that they spend the most (by an obscene amount) on defense, as compared to any other nation. I think given the circumstances, this argument explains more than the argument of liquidity. Military US might is partly if not mostly responsible for the enduring power of the dollar. Then follow American industry and the acquisition of intellectual capital, which is what I admire the US most for. 

 

Edited by kuyu
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On 03/04/2018 at 10:29 AM, Dutchpinoy said:

https://news.walmart.com/2018/04/03/walmart-changes-the-game-again-with-new-global-wire-service

" Delivery Within Minutes to Worldwide Network: Compared to other international wire services that can take up to three days, Walmart2World will deliver funds in 10 minutes or less, whether the receiver opts to pick up the money at any one of MoneyGram’s agent locations in 200 countries, or an international bank or mobile wallet account."

 

Am I the only one here that does not believe this is possible nowadays?

How would they do that?

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46 minutes ago, mrenne_17 said:

Am I the only one here that does not believe this is possible nowadays?

How would they do that?

They've been doing this for quite some time, apparently. 

Let's say someone comes in with cash and deposits at your moneygram kiosk. You can make a fairly easy assumption that the cash is legitimate. You take it in, credit their account, which allows someone else to come in and remove that deposit. Meanwhile all the settlement or currency conversion happens after the fact, but you trust its legit because its basically cash and it's also a small amount of money, so if you get burned it's not the end of the world. 

Now, if they were saying they were doing cross border b2b payments to the tune of millions of dollars, then we'd be in a different game. 

Moneygram may be taking on the risk here with the small payments. I could be totally off though. There were a few people here who worked at moneygram I think. 

 

 

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