MoneyGram has unveiled a next-generation mobile application designed to revolutionize cross-border finance, launching first in Colombia. This innovative app utilizes USD-pegged stablecoins to provide users with a fast and modern method for moving and holding money internationally.
The app features a digital, USD-backed stored value account that integrates seamlessly with both traditional fiat currencies and stablecoins, marking a significant advancement in the way consumers manage their finances. As families increasingly rely on remittances to support their loved ones, this app aims to eliminate the challenges associated with fragmented systems and local currencies.
Within the app, users can receive funds instantly into a secure USD balance, allowing them to store their money in a stable currency. They have the freedom to cash out or spend their funds whenever they choose. MoneyGram plans to expand the app’s availability beyond Colombia, enhancing the overall experience for both senders and recipients worldwide.
Addressing Critical Financial Needs
For millions across the globe, sending money internationally is essential for covering basic needs such as food, housing, and education. In many regions, recipients face the inconvenience of traveling to pick up physical cash, often dealing with currency that loses value over time. The new MoneyGram app aims to change this reality by enabling users in Colombia to receive and manage their funds digitally.
Colombia is a strategic launch market due to its status as a significant inbound remittance corridor, where families receive more than 22 times the money they send abroad. With the exchange rate having depreciated against the U.S. dollar over the past decade, this app offers a more stable financial option for users.
According to Anthony Soohoo, Chief Executive Officer of MoneyGram, “This is where MoneyGram – and money itself – is headed. We believe in a future where financial access is universal, and no one gets left behind.” The app is designed with global scalability in mind, aiming to provide everyone access to dollar stablecoins.
Features and Technology Behind the App
The next-generation MoneyGram app offers a range of features that redefine the user experience. Funds are held in stable USD, protecting recipients from local currency devaluation. Users have control over how they manage their money, with convenient cash-out options available at MoneyGram retail locations. Transactions are instantaneous, leveraging the power of USD-pegged stablecoins, blockchain technology, and MoneyGram’s extensive global network.
Security and transparency are also key components. The app provides trackable links for each transaction, along with real-time notifications for recipients. Personalized communication is facilitated through the ability to send messages via WhatsApp, SMS, or directly through the app, enhancing the connection between senders and recipients.
The technological framework supporting the app is powered by Stellar, a blockchain known for its fast, low-cost payments, along with Crossmint, which provides wallet infrastructure and stablecoin payment solutions. Balances are held in Circle‘s USDC, recognized as the world’s largest regulated stablecoin.
Luke Tuttle, Chief Product and Technology Officer at MoneyGram, stated, “We’ve always believed in doing the hard work to make things simple for the customer. As financial technology evolves, MoneyGram is once again leading the way.” The company has embraced stablecoins as a means to streamline global money transfers and enhance operational efficiencies.
Since 2021, MoneyGram has made significant strides in the digital currency space, including partnerships with the Stellar Development Foundation and Circle, launching the world’s largest cash on/off-ramp for digital currencies, and integrating stablecoins into its operations.
Future Developments and Accessibility
The MoneyGram app will be available for download in Colombia on the Apple App Store and Google Play Store. Customers can join a waitlist for early access. Future enhancements are planned to further bridge physical and digital financial channels. These include the ability to add cash directly into the USD balance via MoneyGram retail locations, online and in-person spending with linked Visa or Mastercard debit cards, and opportunities to earn incentives on deposits through integrated savings options.
As MoneyGram continues to expand its reach, the company is committed to democratizing financial access for all. With nearly 500,000 retail locations and over five billion digital endpoints, it operates one of the most advanced payment networks globally.
MoneyGram connects individuals across more than 200 countries and territories, serving over 50 million people annually. Headquartered in Dallas, Texas, the company has earned recognition for its performance culture and has been awarded as a Top Workplaces USA winner for four consecutive years.
Through innovations like this app, MoneyGram aims to make the movement of money across borders seamless, affordable, and secure for everyone.
