MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, today announced the launch of 'MoneyGram as a Service,' a new business line that enables other companies to access its leading global money transfer network through its powerful API-driven infrastructure and best-in-class technology.
With this launch, enterprise customers can now 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 billion 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," said Alex Holmes, MoneyGram Chairman and CEO. "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."
The launch begins with the successful integration of a partnership with Emergent Technology Ltd, the owner and operator of the G-Coin digital token, to enable quick and easy cash funding and payout of the purchase and sale of digital gold. The partnership utilizes MoneyGram's new business line to provide consumers with expanded access to G-Coin tokens at thousands of new point-of-sale locations. G-Coin makes it possible for individuals to own fractions of a Responsible GoldTM kilobar to save, send, or spend gold like fiat currencies. G-Coin's digital innovation combined with MoneyGram's unique global platform will make digital assets more accessible to millions of consumers.
G-Coin Brings Gold into the Digital Age
A G-Coin token is the title of ownership to conflict-free and responsibly sourced gold that is stored in a secure vault. The one-to-one link between G-Coin tokens and physical gold effectively offers a stable instrument for currency hedging. G-Coin runs on a custom built, third generation blockchain that also provides a trusted ecosystem for a faster, Anti Money Laundering (AML) and Environmental, Social, and Governance (ESG) compliant medium of exchange.
"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", said Brent de Jong, Chairman and Founder of G-Coin. "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".
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 MoneyGram retail footprint and cash-in and cash-out capabilities provide the infrastructure to make G-Coin accessible to millions. The service is planned to be available in select MoneyGram locations across the U.S. beginning in April, with plans to expand to international markets later in 2021.