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Ripple, Moneygram, FAB -- Payit


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"First Abu Dhabi Bank has revealed the latest development, an app called Payit. This is a digital wallet which handles P2P transactions and cross-border payments at a nominal cost and claims to be rea

While it's true that it was originally announced back in April, they just actually launched Payit today according to the more recent article. However, thanks for posting the original announcement as i

I live in Dubaï and I can tell you that Payit starting to be something here. The governement wants the UAE to become the first cashless society.  There are ads in cinemas and the internet incitat

2 hours ago, Cooliozxrp said:

That doesn't prove that it's xrpaid, you do know there's lot of remittance companies who provide "zero" transfer fees? They earn money through the bad currency conversion rate than you just showed. Zero transfer fees does not mean xrapid!

This is not the case for the other currencies available in Payit

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6 hours ago, AnotherFrenchGuy said:

No it's not. It was lauched before but updated. 
When you want to send money overseas, what are the 4 countries that they propose ? X rapid corridors. With 0 fees.

And when you try to send to an another country. Bang : fees.

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Interesting. First time I've heard Egypt mentioned.

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7 hours ago, King34Maine said:

I will agree that there is no direct proof that xRapid is being utilized at the moment. However, It's not "hopium" or "far-fetch" in acknowledging that the foundation is quietly being laid for the eventual incorporation or use of xRapid.  We have proof that Money Gram has collaborated with First Abu Dhabi Bank in building their bank digital wallet, called PayIt. You couple this to the most recent news of Ripple and MGs recent partnership that WILL incorporate XRP/xRapid and one can see where this is all going. Also, while we don't yet know the particulars of the XRP/xRapid arrangement between Ripple and MG, because of MoneyGram’s infrastructure into most exotic corridors that are not well serviced by the larger correspondent banking system, MoneyGram can essentially become one of Ripple’s Multi-Hop exchange for the PayIt digital wallet. Remember, that Multi-Hop allows for regular xCurrent and non-xCurrent partners to utilize and take advantage of xRapid's on-demand liquidity and still remain compliant if holding digital asset is forbidden. So, in essences, MG can act as a global correspondent bank that facilitates the payments for, let's say, First Abu Dhabi Bank's PayIt digital wallet without the bank having to hold XRP at any step in the payment-flow process.You may be thinking, "how does MG accomplish this feat if they are facilitating payments in a country that lacks regulatory clarity around digital assets?" The answer is that MG can originate the payment from one of their subsidiaries in a country like Singapore that have clear rules and regulations around digital assets so the transaction process remains compliant. 

Wouldn't Moneygram acting as a multi hop hub for other FI's require MG to hold nostros for those partnering organizations organizations? 

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