MoneyGram Introduces Visa-Branded Stablecoin Debit Card in Colombia
- MoneyGram is launching a Visa-branded stablecoin debit card, starting as a virtual card in Colombia.
- The card can be used with Apple Wallet or Google Wallet, with plans for a physical card later this year.
- This initiative follows Western Union’s recent introduction of its own stablecoin debit card, the Stablecard.
- In June, MoneyGram launched its MGUSD stablecoin on Stellar to enhance cross-border payments.
- The World Bank noted that debit cards are the lowest-cost method for receiving remittances, averaging at just 3.61% of the transmitted amount.
MoneyGram’s new Visa-branded stablecoin debit card aims to facilitate easier transactions in global remittances, reflecting a growing trend among financial services to integrate stablecoins. The collaboration with Rain as an infrastructure provider is expected to bolster this initiative further.
With the introduction of its MGUSD stablecoin and partnership with major wallet providers, MoneyGram is positioning itself competitively in the remittance market alongside Western Union’s recent efforts.(Source)
