MoneyGram Launches MGO Service in Chile in Collaboration with Stellar

International has unveiled its MoneyGram Online (MGO) service in Chile, allowing residents to send money to loved ones across the globe. This announcement is the result of a longstanding partnership between MoneyGram and Stellar, two prominent players in the fintech industry.

Chile's Money Transfer Market

Chile stands as one of South America's largest money transfer corridors. In 2021 alone, its 1.5 million migrants sent $762 million through traditional means. However, there is a growing demand in Chile for cross-border online payments, a demand that MoneyGram hopes to cater to with the MGO solution.

The MGO service will empower Chileans to send money to their relatives worldwide with convenience and ease.

MoneyGram's Fintech Offerings

MoneyGram is a leading fintech company that enables users to move and manage money across different parts of the world. The company's clients can send funds directly to bank accounts and mobile wallets. Additionally, they can buy, store, and sell cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, using the MoneyGram mobile app.

MoneyGram has taken significant steps to enhance its fintech services. One such step was its partnership with the (SDF) in 2021 to utilize blockchain technology in cross-border settlements.

Stellar's Partnership with MoneyGram

In 2021, MoneyGram collaborated with SDF to integrate its network with the Stellar blockchain. This integration allowed consumers to receive funds and payouts in local currency using USD Coin (USDC). This partnership is noteworthy, considering MoneyGram's history of engagement with .

It's worth mentioning that Stellar was launched by Ripple co-founder Jed McCaleb, who received 8 billion XRP for his involvement in creating , later renamed .

Overall, the launch of the MGO service in Chile represents another significant step for MoneyGram and Stellar in their efforts to provide fast and efficient solutions for cross-border payments worldwide.

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