HomeNewsMoneyGram Applauds Stellar as the Ultimate Blockchain for Cross-Border Payments with Minimal...

MoneyGram Applauds Stellar as the Ultimate Blockchain for Cross-Border Payments with Minimal Transaction Fees

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  • MoneyGram International has innovatively adopted the Stellar blockchain to improve its financial technology services, focusing on integrating digital assets with its traditional remittance systems.
  • MoneyGram’s solution, dubbed “MoneyGram Access,” facilitates cash-to-crypto transitions, addressing the long-standing ‘last-mile’ issue in global financial systems, particularly for the unbanked.

Financial technology pioneer MoneyGram International is modernizing remittance services through blockchain technology, integrating digital assets seamlessly into their expansive range of offerings. This development results from recognizing the transformative potential of digital assets for the global financial system, particularly for quick and cost-effective cross-border transactions.

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Nevertheless, the promise of digital assets encounters a hurdle known as the ‘last-mile’ problem, primarily involving unbanked individuals – about 2 billion workers or 60% of the global adult labor force. For these individuals, cash is a primary form of value due to lack of access to banking systems. Hence, MoneyGram’s challenge has been to make digital assets accessible and usable for this large segment of the global population.

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To address this issue, MoneyGram has introduced a unique business case, “cash-to-crypto,” leveraging its new offering called “MoneyGram Access.” This is facilitated by an integration with Stellar Ecosystem Proposal-24 (SEP-24), making it easier for digital wallets in the crypto space to onboard and start testing the on and off-ramps. As a result, the unbanked can now use digital assets to store and move cash more efficiently.

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Being in the payments business for over 80 years, MoneyGram leverages its extensive experience to combine the global reach of blockchain technology. The Stellar blockchain-enabled product, MoneyGram Access, allows cash-to-crypto on and off-ramps at any participating location.

With the help of USDC, a fully-reserved digital dollar stablecoin, individuals now have the flexibility to use their money in ways they couldn’t before. They can transmit it across the globe, hold onto it, or protect themselves from market volatility. When physical cash is needed, individuals can conveniently withdraw their USDC at a participating MoneyGram location in their local currency.

MoneyGram Access’s integration with SEP-24 allows organizations to directly connect their on and off-ramps to the Stellar network. It facilitates wallets and applications to integrate with MoneyGram Access, thus plugging into MoneyGram’s vast retail network of kiosks and locations.

The adoption of Stellar blockchain has been pivotal for MoneyGram, as it not only meets the needs of the unbanked but also optimizes quick, easy, and affordable payments. Using the Stellar blockchain, coupled with USDC from Circle, has made MoneyGram Access a potent solution, leading to virtually negligible transaction fees. This significant step signals MoneyGram’s commitment to continuously innovating and improving financial systems for all its users.

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Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
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