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MoneyGram And Stellar Foundation launch Cash-in Cash-out Pilot


www.cryptovibes.com 18 November 2021 18:45, UTC
Reading time: ~2 m

MoneyGram announced its partnership with Stellar Development Foundation (SDF) earlier in October. However, the collaboration seems to have hit the ground running following the new pilot program announced by both firms.

The live cash-in and cash-out, according to MoneyGram, will facilitate quicker deposits at any of the participating MoneyGram locations.

It will also enable the users to easily send payments internationally through Stellar USDC. Additionally, the pilot allows the participants to exchange their Stellar USDC for any fiat currency that’s supported on the MoneyGram portal.

Enabling Quick Payouts Through Stellar USDC

MoneyGram’s collaboration with Stellar allowed the integration of its network into the Stellar blockchain. This facilitates quick payouts and cash funding with Stellar USDC, as well as instant settlement ability.

The money transfer giant has stepped up its services with digital wallets, electronic wallets, and app-based financial services. The company wants to tag along as the services grow in adoption and popularity. Although the introduction of other digital payment methods is strong competition for the firm, it has stepped up its efforts to align with the new technological trend. It has aligned with several blockchain-based firms as it strives to provide better and faster services to users.

MoneyGram has made strategic investments in blockchain technology, engaging in several partnerships with digital P2P payments. The company says it plans to expand its operations and make its services more appealing to the new generation of users.

MoneyGram To Facilitate Instant Settlements

Moneygram says the partnership with Stellar will facilitate instant settlements with MoneyGram through the use of USDD. Additionally, the collaboration will help to enable quicker fund collection, improve efficiency, and reduce the risk of fund transfers.

The partnership also shows that cash still plays an important role even as the world is seeing increased use of digital payments. With many areas of the world still underbanked and unbanked, a high number of the world markets would still run on cash. Additionally, MoneyGram’s users have also been offered the chance to easily enter the crypto and blockchain market through integration. MoneyGram users would be able to use the blockchain services offered by the stellar Development Foundation.

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