Western Union to Officially Use a Cryptocurrency Product
International financial service provider western union is currently experimenting a crypto-technological product xRapid formally developed by cryptocurrency platform Ripple. Ripple which owns the XRP crypto-asset is constantly raising eyebrows within the crypto community with constant seeking of partnership with banks and other centralized financial service providers which is contrary to what cryptocurrency stands for.
It seems like XRP aims to gain a huge influence in the cryptocurrency market by incorporating their tokens to be used in as many banks and other financial service providers as possible. Ripple could be near to hitting its target if such adaptation of their technology by Western Union continuous with other companies.
XRapid would enable monetary transaction through western union to be almost instant and cost almost no fees. Western Union which is currently a leader in international monetary transactions across borders already has millions of regular users across the globe. This will only increase on its customer base.
How Ripple’s XRAPID could Change Western Union
Being a financial technology that allows international monetary transaction to propagate in a matter of seconds, XRapid’s potential for financial services like western union is almost unlimited. It means western union transactions system would run in a blockchain reaping all the security benefits that come with blockchain technology. Furthermore, blockchain systems allows for the development of decentralized applications DApp. The application would make it possible to incorporate western Union payment options in almost any business system involving monetary transaction.
Western Union has shown a great deal of interest on blockchain technology for a long time now although some regulation hiccups still lags around the technology. Ripple is not the only technology partner western union has a relationship as the financial service provider has attempted a similar progress with a blockchain technology already in the past.
Another international money transfer firm MoneyGram has also shown interest in the Ripple’s xRapid technology and is believed to be nearer to deploying the technology onto their transaction processing system earlier than Western Union. Money Gram being a direct competitor of western Union would force western Union to step up on high gear on the xRapid early adaption onto their main transaction processing system.
A Step Towards Cryptocurrency Main Stream Use
Although a multitude of firms have already incorporated cryptocurrency technologies into their systems and hundreds more still lining up to do the same, cryptocurrency still faces regulation problems with authorities around the world.
Most Cryptocurrency technologies such as the Ripple’s XRapid provide an efficient and cost effect option for transfer of values across the world. Adaptation of crypto technologies by mainstream companies such as western Union or monogram would push cryptocurrency and blockchain closer to becoming mainstream.