After CEO of Coinbase, Brian Armstrong showed his discontentment at not being able to transfer money to his friend through PayPal and SquareCash, he received an offer from MoneyGram to use their services.
MoneyGram, one of the biggest money transaction facilitator and strategic partner of Ripple, sent Armstrong a promo code along with a request to try their services. This took place after Armstrong posted a series of tweets on his Twitter handle expressing his dissatisfaction and anguish after repeated failures to transfer money to his friend through two of the biggest players in the online money transfer business- PayPal and SquareCash.
Armstrong shared the messages that he was encountered while attempting to pay back a friend, “Paypal tells me “recipient is unable to receive money” and SquareCash tells me my bank declined the payment.” He was disturbed by the fact that if this is the condition in the U.S. where it is supposed that “these services work best” then what is the service quality in the rest of the world.
In another tweet, he did acknowledge the fact that there were a lot of issues that were beyond the purview of this money transferring facilitators because “They don’t control the underlying infrastructure.” He also felt that the services were hampered due to the intervention of “well-intentioned regulation”, the consequences of which the customers have to bear.
However, Armstrong was of the opinion that,
There is a lot of opportunities to launch products in regulated markets though. It is so much harder to be innovative, so most entrepreneurs shy away from it.
In an attempt to offer a solution to the issue faced by the CEO, the leading global money transfer firm, MoneyGram presented him with a likely solution. MoneyGram very smartly took advantage of the opportunity to display its functionalities and competency over its major challengers, PayPal and SquareCash.
MoneyGram sent a tweet to Armstrong asking him to try out its facilities by sending a private message, indicating his interest to accept the promo code.
Hi Brian, we would love to send you a promo code to try our services. Please send us a private message, and we’ll send it your way!