back Back

MoneyGram announces new business line, MoneyGram as a Service

By Pavithra R

March 25, 2021

  • Moneygram
  • USA
Share

MoneyGram announces new business line, MoneyGram as a Service
Alex Holmes, MoneyGram Chairman and CEO

MoneyGram International, a global leader in cross-border P2P payments and money transfers, has announced the launch of ‘MoneyGram as a Service,’ a new business line that enables other companies to access its global money transfer network through its powerful API-driven infrastructure and best-in-class technology. 

Through the launch, enterprise customers can leverage the Company’s core capabilities as productized service offerings to meet their various business needs and quickly add services and scale. The new business line represents a significant growth opportunity for MoneyGram as it enters a market estimated to be $17 bn in 2024 with a CAGR of about 24% over the forecast period.

“Today, we enter the next phase of our digital transformation as we open our modern, mobile, and API-driven platform to new businesses and use cases by launching MoneyGram as a Service. In response to strong market demand, we’ve developed this processing model to provide third-party access to our vast network, and we are thrilled to open our platform to G-Coin. This partnership is part of our strategy to capture new revenue by monetizing our capabilities, and we’re excited about the innovative potential of blockchain-driven digital assets as we continue to lead the evolution of digital P2P payments,” said Alex Holmes, MoneyGram Chairman and CEO.

The launch begins with the integration of a partnership with Emergent Technology, the owner and operator of the G-Coin digital token, to enable swift and easy cash funding and payout of the purchase and sale of digital gold. The collaboration utilizes the MoneyGram as a Service to provide consumers with expanded access to G-Coin tokens at new POS locations. G-Coin makes it possible for individuals to own fractions of a Responsible Gold kilobar to save, send, or spend gold like fiat currencies.

“We created the G-Coin token to give physical gold utility and make it more accessible to the mass market, both as an alternative store of value as well as a stable medium of exchange. This partnership with MoneyGram, a leader in global money transmission, confirms that digital assets are rapidly integrating into mainstream financial services and gives us the additional cash-in and cash-out infrastructure to reach global markets,” said Brent de Jong, Chairman and Founder of G-Coin.

With a shared goal of financial inclusion, the MoneyGram and G-Coin integration provides customers who previously had few opportunities to own and utilize gold, with a fast and easy way to purchase or sell the digital gold token in cash. The service will initially be rolled out in select MoneyGram locations across the U.S. beginning in April, with plans to further expand to international markets later in 2021.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Article

March 24, 2021

TrueNorth and Boost.ai partner to upgrade customer experience with Conversational AI

Read More
Next Article

March 25, 2021

Citi introduces automated securities lending solution for wealth managers

Read More

IBSi Prime News

Week roundup

October 18, 2021

Moneygram

The Monday Roundup: what we are watching this week

Read More
  • Daily insightful news analysis
  • Weekly snapshot of the industry deals, events & insights
  • Sectoral deep dives on the hottest FinTech trends
  • Exclusive interviews featuring c-level executives shaping the industry
  • Profiles of the most influential established and emerging companies in the sector
  • Weekly global FinTech use cases
  • Chart of the Week curated by the IBSi’s Research Team
Subscribe to Prime

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Commercial Bank of Dubai and Infinios announce strategic partnership

Read More

Today

Westerra Credit Union partners with Backbase to transform members’ digital experience

Read More

October 18, 2021

ilumoni launches on iOS and Android after £1.63m investment

Read More

Related Reports

Bank-wide
Sales League Table Report 2021

£1,500 / year

Know More
Market Reports
US Financial Services Technology Report 2021

£1,500 / year

Know More
Retail Banking
The Future of Digital Banking Report 2021

£1,500 / year

Know More
Wealth Management
Wealth Management & Private Banking Systems Report 2021

£1,500 / year

Know More
Wholesale Banking
Treasury and Capital Markets Systems Report 2021

£1,500 / year

Know More