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hamasugu

Western Union (xRapid pilot) and Coins.ph (xRapid preferred) exchange is currently partner.

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Posted (edited)

Western Union (xRapid pilot) and Coins.ph (xRapid preferred) exchange is currently partner.

https://coins.ph/blog/pr-western-union-money-transfers-coins-ph/

https://www.bworldonline.com/coins-ph-partners-with-western-union/

https://www.businesswire.com/news/home/20190403005077/en/Coins.ph-Wallet-Holders-Receive-Western-Union-Money

I do not know if xRapid is running, but this is a good sign.

Western Union seems to be thinking about using cryptocurrency.:)

 

※coins.ph uses xRapid.

https://ripple.com/insights/xrapid-brings-on-three-new-exchange-partners/

Quote

Today, we’re pleased to announce Bittrex will act as the preferred digital asset exchange for xRapid transactions that move through US Dollars. In addition, Bitso and Coins.ph will be preferred for Mexican Pesos and Philippine Pesos, respectively.

 

Edited by hamasugu

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Posted (edited)

This is a very good sign. A while back WU claimed Ripple/xrp wouldn't save them much, if any money, over their already established network of outlets. Recently I read a piece that sounded as if they did an about face: sort of. It dawned on WU that there still remained many markets that they didn't have a presence in, and that Ripple/xrp could quickly open up a variety of these previously unserved markets. Now, there will be Phillippine and Mexican workers scattered around the word using their services for remittences, at least a portion of which, will rely on xrp. If my understanding of this is correct, then this is a BIG step forward in xrp adoption. Once SBI's MoneyTap gets Japan plugged in the growing xrp network, things are going to heat up fast.

Edited by WuWei

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Ashwin Shirvaikar -- Citi -- Analyst

Got it, got it. And then the other question with regards to the cross-border principal growth. I was just kind of wanted to delve a little bit deeper into that. What's driving that, is it sustainable, is it specific geos, channels, is it any -- is it reflective of any immigration related concerns people send back money to their home countries, anything detail on that?

Hikmet Ersek -- President, Chief Executive Officer & Director

I think from general overall business, we had a good -- U.S. to Mexico business is doing well. I would say that our principal amount, the Middle East turning around, as I mentioned earlier, the transactions growth has been good. So, it impacts the principal amount also and European business has been stable also. As you know, we have some issues in the U.S. domestic money transfer business, but that's not the cross-border principal and generally the cross-border principal has been in a good environment, and the market growth has been healthy. I think the people are using cross-border transfer and thank god, they are using Western Union and going to continue to use Western Union.

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13 hours ago, WuWei said:

A while back WU claimed Ripple/xrp wouldn't save them much, if any money, over their already established network of outlets. Recently I read a piece that sounded as if they did an about face: sort of. It dawned on WU that there still remained many markets that they didn't have a presence in, and that Ripple/xrp could quickly open up a variety of these previously unserved markets.

You make a good point about the unserved markets, and Ripple enabling WU to grow into these newly profitable markets.

The other thing about Ripple "not saving WU much" is that WU floats their own capital (sort of like American Express, but not visa/mc). WU & AMEX could reduce their float inventory, "saving" by using less money to fund the same amount of payment flows, but to do this the float would have to come from somewhere....? Exchange trading liquidity.

My guess is that when Exchange liquidity is deep enough, they and many others will test out the "savings" and grow a taste for it.

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Its a possibility.

But it also looks like its the same applications as the Thunes Partnership with WU which people thought they were going to use XLM, but they ended up not even using Blockchain. Same application even, sending funds to digital wallets.

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