- Stellar partner MoneyGram International has introduced the MoneyGram Online services in Chile.
- A massive $762 million was sent via conventional channels by the 1.5 million migrants in 2021 with Chile one of the biggest money transfer markets in the South American continent.
Stellar partner MoneyGram International has introduced the MoneyGram Online services in Chile, a South American country. Chileans can now easily access the MGO services to transfer money to their friends and families anywhere in the world. This is according to a press statement issued today.
Alex Holmes, the CEO and Chairman of MoneyGram commented on the development, saying that this is a step forward for MoneyGram and that the business is happy to introduce the MoneyGram Online services to the people of Chile, one of the biggest money transfer markets in the South America continent.
We are thrilled about our great progress in Chile following our recent successful debut in Brazil, added Holmes. It is remarkable how MoneyGram has provided Chileans with a variety of options for sending money abroad over the last 25 years. Chile is known to be among the busiest South America’s money transfer routes.
A massive $762 million was sent via conventional channels by the 1.5 million migrants in 2021. With the MGO services, MoneyGram aims to meet the growing needs for virtual cross-border transactions. Enable quick transactions at low costs compared to the traditional means, where they take time, and the users incur high fees.
MoneyGram service
MoneyGram International, Inc. is a worldwide financial service provider that enables individuals and organizations to transfer and manage funds in almost all nations. The firm offers millions of customers every year a way to send funds back home to loved ones easily, save money in digital wallets, and purchase, trade, and hold cryptos on its market-leading app, thanks to its extensive collection of fintech solutions.
Through the firm’s cutting-edge international network, it allows its client to deposit money straight into bank accounts and virtual wallets or even to do the regular cashing in and cashing out over 135 currencies and a number of Cryptos.
With the rapid growth of cryptocurrencies, it has become the topic of most discussions in the world of Finance. Making it quite difficult to overlook the asset class in light of the growing popularity of coins like Bitcoin (BTC), Dogecoin (Doge), Ripple (XRP), Stellar (XLM), and more.
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With this in mind, the firm has been making important moves to provide its customers with the greatest financial technology solutions. One of these actions includes collaborating with Stellar Development Foundation (SDF), a competitor of Ripple. In 2021, MoneyGram and SDF worked together to use blockchain technology for international payments.
In line with the agreement, MoneyGram’s network unified with the Stellar blockchain to allow customers who use USD Coin (USDC) to fund their accounts with money and get payouts in their home currencies.
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