MoneyGram announces new business line, MoneyGram as a Service
By Pavithra R
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.