MoneyGram plans to adopt Ripple technology

Moneygram are putting their ‘wonder’ at the possibilities of using Ripple’s tech out there for the world to see. I feel that their motive in having the CEO speak out on these matters is beneficial for three reasons:

If other financial transfer companies adopt Ripple tech products, then it works in Moneygram’s (and any other transfer company’s) favour. The more large companies transfering funds using the same systems together, allows for fluidity between companies both individually and together as a connected world-wide financial system.

It is highly likely that Moneygram stocked up on XRP either just before the Moneygram announcement or in the sub-$1 dip at about the time the trial partnership was announced. Moneygram will be looking to make a huge profit by announcing their intentions, drawing attention to the product (that they know their competitors are already trialling too) and stating that there will be many more announcements within this realm over the coming months.

The two above points act as a warning “Look! We are dealing with a company that is about to change the world and is on the brink of an international financial takeover. This puts us at the cutting edge in our industry and we will be the leaders in our field. Use us to transfer, because we’ll do it faster and more efficiently than our competitors”.

This creates FOMO for key decision makers working for banks and transfer businesses and adds pressure to those who are employed to pay massive transfer fees, on behalf of these companies.