MoneyGram has partnered with Mastercard as it looks to expand financial access through the payment giant’s portfolio of solutions.
The partnership provides MoneyGram access to Mastercard Move, a portfolio of money transfer solutions. This will allow the fintech’s customers to send funds to 38 markets worldwide by using any US-issued Mastercard card.
Anthony Soohoo, CEO of MoneyGram, asserted that the agreement will ‘expand access and choice’ when it comes to people’s finances.
MoneyGram’s network covers 200 countries and territories, encompassing around 450,000 retail locations and five billion digital endpoints. Mastercard has stated that the deal will build upon that network, with Mastercard Move allowing the company’s customers to receive money through nearly 10 billion endpoints worldwide.
Soohoo said: “Our expanding global network, present in nearly every country, is one of our most valuable assets. Through strategic alliances like this, we continue to grow our network, advancing MoneyGram’s mission to make cross-border payments seamless, affordable and secure for everyone.”
According to Mastercard, other benefits of the deal include near real-time speed, secure and reliable transactions, low transaction costs and greater financial accessibility. On the latter point, the payment giant pointed out that Mastercard Move has access to over 95% of the world’s banked population.
Commenting on the agreement, Chiro Aikat, Co-President – US at Mastercard, said that unlocking more efficient and secure ways to send and receive money is “critical for fueling entry into the digital economy”.
He added: “By integrating Mastercard Move into MoneyGram’s vast network, we’re building in speed and added peace of mind into every transaction so that critical funds can get into hands when and where it’s needed.”
Cross-border innovation
Mastercard Move is used by some of the world’s leading financial institutions. Last year, major US multinational Citi made headlines when it became the first global bank to enable cross-border payments to Mastercard debit cards through the solution.
However, there is another innovation currently taking the spotlight when it comes to cross-border payments – stablecoins.
Stablecoin adoption is constantly growing, mainly driven by fast-tracked legislation in the US under President Donald Trump’s administration. The digital currency has caught the attention of several traditional institutions, such as the Bank of America.
Combining the speed and security of the blockchain with the stability of fiat currencies, it is making waves and is likely to revolutionise global transactions.
Payment Expert’s Callum Williams recently spoke to Ezichim Onweagba, Head of Global Partnerships at Quidax, to explore the impact of crypto, including stablecoins, on Africa’s financial landscape.
