MoneyGram Launches Visa Stablecoin Card Amid Growing Remittance Competition
MoneyGram is expanding its stablecoin activities by launching a Visa-branded stablecoin debit card, just weeks after rival Western Union announced a similar move.
The MoneyGram Card will initially debut as a virtual card in Colombia that can be used with Apple Wallet or Google Wallet. The company plans to introduce a physical card option as it expands to additional markets later this year.
MoneyGram is working with infrastructure provider Rain on the new card, which comes after the launch of its MGUSD stablecoin on Stellar last June. The World Bank has identified stablecoins as a key tool in reducing the cost of global remittances, noting that debit cards are the lowest cost instrument to receive remittances at 3.61% of the transmitted amount.