Western Union gets ready for cryptocurrencies: XRP and Ripple solutions trials on track

• “Our customers really expect seamless, connected service,” Molly Shea.
• Western Union is currently piloting settlement tests using Ripple for various corridors.

One of the world’s leading payments providers, Western Union says that it is working on cryptocurrency gateways and other related corridors. The Asia Pacific manager, Molly Shea in a recent interview with Analyse Asia said that customers demand a higher level of efficiency in the digital age which means that payment providers have to do everything within their power to stay ahead of the game.

“Our customers really expect seamless, connected service. Not just fast. They’re expecting everything to be as fast as what they’re getting with all the other digital apps they have. So we’ve got to be able to stay ahead of that and foresee what their expectations are going to be and drive the remittance market to that, as their needs have and as wallets have been evolving.”

Shea said that as far as cryptocurrencies are concerned, Western Union has to be ready for when they begin to take off. The firm must be prepared in terms of the technology as well as the regulatory aspect.

The manager went ahead to confirm that Western Union is still on track with trials on Ripple’s payment solutions. At the moment, the firm is exploring xRapid, a blockchain solution by Ripple that uses XRP as the base digital asset.

“As some examples, we’re piloting some settlement tests with Ripple for certain corridors. I think the US dollar and Mexican peso is one example. And really learning about possible opportunities. The options that we choose will need to be legitimate and widely acceptable for consumer use.”