Digital wallet users can move from cash to cryptocurrencies and back to cash without the need for a bank account or credit card.
MoneyGram has rolled out a global on / off lamp service for digital wallets to increase the usefulness of digital assets by creating a bridge between cash and cryptocurrencies.
The blockchain specialist affiliated with the P2P payment giant is the Stellar Development Foundation (SDF), founded by Jed McCaleb. This is to support the development and growth of Stellar, an open source public blockchain that can tokenize and transfer money globally. ..
The MoneyGram-SDF partnership product, announced in October 2021, will be available in many major remittance markets, including Canada, Kenya, the Philippines and the United States, and is expected to enable global cash-out capabilities. I am. By the end of June 2022.
Digital wallet global on / off lamp services are enhanced by the Stellar blockchain and Stellar-enabled digital wallets, MoneyGram’s retail agent network, and Circle’s USD Coin (USDC).
This service provides cash users with access to the world of cryptocurrencies through participating MoneyGram locations in a monumental step to bridge the gap between physical and digital currencies.
This solution aims to create liquidity between cash and crypto and promote financial inclusion so that more people can benefit from the digital economy. MoneyGram will offer this as a free service for the first 12 months.
Alex Holmes, Chairman and CEO of MoneyGram, commented: At MoneyGram, our mission is to provide innovative financial solutions that connect the global community. The first launch of this service is another important milestone in our journey. With the strong collaboration of the technology team, it is especially exciting to launch this service earlier than planned. We look forward to further collaboration with SDF as we work to discover new ways to further streamline cross-border payments using blockchain. “
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, said: Today, about 2 billion people depend on cash for their livelihoods and have no option to access the digital economy. At the same time, a permanent problem for crypto native users is to quickly and reliably turn off cryptocurrencies. The breakthrough nature of this service is how to solve the problems of different users with different needs around the world. “
The innovation behind global on / off lamp services lies in the payment process that occurs in near real time using USDC to accelerate the collection of funds. Digital wallet users can move from cash to cryptocurrencies and back to cash without the need for a bank account or credit card.
Consumers can move to the MoneyGram location to load a digital wallet to access the digital economy or cash out digital currencies to increase the usefulness of their holdings.
MoneyGram will expand access to cash-in services to seven more countries by the end of June. At that point, the cashout feature will also be available globally, if permitted by law.
