MoneyGram, a major player in the $600-billion-a-year remittance market, is similarly afflicted.
In an announcement, Ripple CEO Brad Garlinghouse said that the MoneyGram partnership is a vital one that would exhibit XRP's capacity to bring down expenses for cash transactions.
Ripple's partnership with MoneyGram comes at a time when rumors of a cryptocurrency ban in South Korea have left the crypto market rattled.
The company today said it has signed a deal with MoneyGram International Inc.to try out XRP as a way to facilitate international transfers.
Last June, Stefan Thomas, Ripple's chief technology officer, said that compared with the status quo of correspondent banking, XRP-based liquidity would seem like "gold that you can teleport into any vault in the world instantly". Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the USA and the United Kingdom.
Ripple provides one frictionless experience to send money globally using the power of blockchain.
Global payments is a growing market, particularly with mobile solutions increasingly coming on board.
Garlinghouse added that, by using Ripple's digital asset, MoneyGram would be able to move money "as quickly as information".
With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.
There is a very important incentive for payment companies to join the blockchain based instant transfers, staying relevant and keeping the business. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them.
"The process makes payments costly and slow, which causes headaches for both the companies and their customers".