MoneyGram is launching a brand new digital wallet in Colombia designed to allow users to receive and manage funds in the form of US dollar-pegged stablecoins.
This introduction comes as the Colombian peso faces headwinds, experiencing a decrease in its relative worth.
Moving away from the traditional method of in-person cash collection, users will have the option to directly hold funds as USDC
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This new digital system operates using the Stellar
The MoneyGram app will be accessible on both the Apple App Store and the Google Play Store. However, prospective Colombian users must first register on a waiting list to gain full access to the application’s features.
The company believes Colombia is an ideal initial market for this service. A substantial portion of Colombian families relies on remittances received from abroad, and MoneyGram highlights that international transfers play a vital role for numerous households.
These funds are essential for covering necessary expenses like meals, housing, education, and supporting entrepreneurial endeavors or pursuing long-term objectives.
This app eliminates the need for individuals to physically go to retail locations simply to access their money. Users can maintain their remittances in digital US dollars until they decide to convert them to the local currency.
When they need cash in Colombian pesos, users can visit a MoneyGram outlet to exchange their USDC for pesos and withdraw them.
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