MoneyGram-as-a-Service Launches, Along With Digital G-Coin

Cross-border payments firm MoneyGram is launching a new solution that will make its API-powered platform available to third-party vendors and new businesses while also opening it up to G-Coin, MoneyGram said in a press release on Wednesday (March 24).

Alex Holmes, chief executive officer and chairman of MoneyGram, said this move is “the next phase of our digital transformation.” He noted that MoneyGram as a Service was developed to meet the high demand for “third-party access to our vast network” and the chance to “open our platform to G-Coin.” 

Holmes also added that the move aligns with MoneyGram’s strategy to tap existing capabilities to boost revenue. “… We’re excited about the innovative potential of blockchain-driven digital assets as we continue to lead the evolution of digital P2P payments,” he said.

The new business offering gives enterprise customers access to MoneyGram’s platform and capabilities, which users can tap to offer “productized” services.

The launch of MoneyGram as a Service also includes the integration of the G-Coin digital token, in partnership with the coin’s owner and operator, Emergent Technology. The partnership gives users expanded access to G-Coin tokens at new point-of-sale locations. G-Coin enables people to own fractions of a Responsible Gold kilobar, which can be saved or spent like fiat currencies. 

“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.” 

MoneyGram recently partnered with Digital Financial Services — a tie-up between Etisalat and Noor Bank — to expedite cross-border transfers involving digital wallets in the United Arab Emirates. The new partnership gives eWallet users the ability to make transfers in more than 200 countries and territories.