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MoneyGram International, a trailblazer in financial technology, is revamping its money transfer services by integrating digital assets into its wide range of offerings. This move comes as a recognition of the transformative potential of digital assets for the global financial system, particularly in facilitating swift and cost-effective cross-border payments.
Currently, there are approximately 2 billion workers worldwide who lack access to banking services, constituting 60% of the global adult workforce. For these individuals, cash remains the primary form of value due to the absence of access to banking systems. MoneyGram aims to make digital assets accessible and usable for this vast segment of the global population.
To address this issue, MoneyGram has introduced a unique financial solution called “cash into cryptocurrency,” utilizing its new offering called “MoneyGram Access.” This is made possible through integration with the Stellar Ecosystem Proposal-24 (SEP-24), simplifying the integration of digital wallets in the crypto space and initiating testing of on/off-ramps for exchanges. As a result, individuals without access to banking services can use digital assets for more efficient storage and movement of cash.
With the help of USDC, a stablecoin fully backed by the US dollar, people can effectively use their money in ways they couldn't before. They can transfer it globally, hold it, or shield themselves from market volatility. When physical cash is needed, individuals can conveniently withdraw their USDC at a MoneyGram branch in their local currency.
The integration of MoneyGram Access with SEP-24 allows organizations to directly connect their inputs and outputs to the Stellar network. This streamlines the integration of wallets and apps with MoneyGram Access, thereby connecting to MoneyGram's extensive retail network.
