MoneyGram to introduce non-custodial digital wallet for cross-border payments

By Delisha Fernandes

MoneyGram International, a global financial technology company, has announced plans to launch its own non-custodial digital wallet on stage at the Stellar Development Foundation (“SDF”) annual Meridian conference.

The wallet, which will officially debut in Q1 2024, will enable consumers around the world to leverage stablecoin technology to seamlessly move from fiat to digital currency, to fiat again — all with the same global brand they trust.

“Our vision to connect the world’s communities, by empowering our customers through innovative financial solutions, takes another step forward today. Through the services we provide in partnership with SDF, MoneyGram has made strides to create equitable access to the global financial system, having become the single largest fiat on and off-ramp provider offering blockchain access worldwide,” said Alex Holmes, MoneyGram Chief Executive Officer.

The Company’s non-custodial digital wallet will redefine cross-border payments and enable MoneyGram customers to send and receive money in new and exciting ways. Once launched, wallet users will be able to visit any participating MoneyGram location to cash-out their digital assets to increase the utility of their holdings.

Users will also be able to seamlessly send digital assets to other users in the wallet. Importantly, and unique to the industry, MoneyGram will apply its best-in-class global compliance screening capabilities to all wallet users. As the Company rolls out the wallet next year, MoneyGram will expand the wallet’s capabilities and introduce new features within the app that will help further bridge the worlds of international money transfers and blockchain payments.

The non-custodial digital wallet – which will be offered as a zero-fee service until June 2024 – will leverage the Stellar network and MoneyGram’s fiat on and off-ramp services integrated with the Stellar network.